Antero Resources (AR) 10-Q 25 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 20, 2018
Document and Entity Information
Entity Registrant Name	ANTERO RESOURCES Corp
Entity Central Index Key	1,433,270
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		317,050,077
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 23,153	$ 28,441
Accounts receivable, net of allowance for doubtful accounts of $1,320 and $1,195 at December 31, 2017 and March 31, 2018, respectively	26,692	34,896
Accrued revenue	279,923	300,122
Derivative instruments	459,892	460,685
Other current assets	10,374	8,943
Total current assets	800,034	833,087
Natural gas properties, at cost (successful efforts method):
Unproved properties	2,265,727	2,266,673
Proved properties	11,471,428	11,096,462
Water handling and treatment systems	974,389	946,670
Gathering systems and facilities	2,132,803	2,050,490
Other property and equipment	59,499	57,429
Property and equipment, gross	16,903,846	16,417,724
Less accumulated depletion, depreciation, and amortization	(3,410,098)	(3,182,171)
Property and equipment, net	13,493,748	13,235,553
Derivative instruments	760,562	841,257
Investments in unconsolidated affiliates	321,468	303,302
Other assets	47,037	48,291
Total assets	15,422,849	15,261,490
Current liabilities:
Accounts payable	73,221	62,982
Accrued liabilities	422,617	443,225
Revenue distributions payable	237,907	209,617
Derivative instruments	41,907	28,476
Other current liabilities	14,201	17,796
Total current liabilities	789,853	762,096
Long-term liabilities:
Long-term debt	4,876,706	4,800,090
Deferred income tax liability	788,765	779,645
Derivative instruments		207
Other liabilities	46,427	43,316
Total liabilities	6,501,751	6,385,354
Commitments and contingencies (notes 13 and 14)
Equity:
Common stock, $0.01 par value; authorized - 1,000,000 shares; 316,379 shares and 316,524 shares issued and outstanding at December 31, 2017 and March 31, 2018, respectively	3,165	3,164
Additional paid-in capital	6,588,082	6,570,952
Accumulated earnings	1,589,898	1,575,065
Total stockholders' equity	8,181,145	8,149,181
Noncontrolling interest in consolidated subsidiary	739,953	726,955
Total equity	8,921,098	8,876,136
Total liabilities and equity	$ 15,422,849	$ 15,261,490

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets
Allowance for doubtful accounts	$ 1,195	$ 1,320
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	1,000,000,000	1,000,000,000
Common stock, shares issued	316,524,000	316,379,000
Common stock, shares outstanding	316,524,000	316,379,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	50,000,000	50,000,000
Preferred stock, shares issued	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue:
Revenues from contracts with customers	$ 911,430	$ 756,804
Marketing derivative gains	94,234
Commodity derivative fair value gains (losses)	22,437	438,775
Total revenue	1,028,101	1,195,579
Operating expenses:
Production and ad valorem taxes	25,823	24,793
Impairment of unproved properties	50,536	26,899
Depletion, depreciation, and amortization	228,244	202,729
Accretion of asset retirement obligations	690	637
General and administrative (including equity-based compensation expense of $25,503 and $21,245 in 2017 and 2018, respectively)	60,030	64,698
Total operating expenses	881,607	694,236
Operating income (loss)	146,494	501,343
Other income (expenses):
Equity in earnings of unconsolidated affiliate	7,862	2,231
Interest	(64,426)	(66,670)
Total other expenses	(56,564)	(64,439)
Income (loss) before income taxes	89,930	436,904
Provision for income tax (expense) benefit	(9,120)	(131,346)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	80,810	305,558
Net income and comprehensive income attributable to noncontrolling interest	65,977	37,162
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	$ 14,833	$ 268,396
Earnings (loss) per common share:
Earnings (loss) per common share - basic (in dollars per share)	$ 0.05	$ 0.85
Earnings (loss) per common share assuming dilution:
Earnings (loss) per common share—assuming dilution (in dollars per share)	$ 0.05	$ 0.85
Weighted average number of shares outstanding
Basic (in shares)	316,471	314,954
Diluted (in shares)	316,911	315,769
Natural gas sales
Revenue:
Revenues from contracts with customers	$ 497,663	$ 466,664
Natural gas liquids sales
Revenue:
Revenues from contracts with customers	234,170	194,652
Oil sales
Revenue:
Revenues from contracts with customers	30,273	26,960
Natural Gas, Gathering, Transportation, Marketing and Processing
Revenue:
Revenues from contracts with customers	4,935	2,604
Operating expenses:
Cost of goods and services sold	291,938	266,829
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	26,722	15,551
Marketing
Revenue:
Revenues from contracts with customers	144,389	65,924
Operating expenses:
Cost of goods and services sold	195,739	89,993
Exploration
Revenue:
Revenues from contracts with customers		2,107
Operating expenses:
Cost of goods and services sold	$ 1,885	$ 2,107

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Equity-based compensation expense	$ 21,156	$ 25,503

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated earnings	Noncontrolling Interests	Total
Balances at Dec. 31, 2017	$ 3,164	$ 6,570,952	$ 1,575,065	$ 726,955	$ 8,876,136
Shares Issued, Beginning Balance at Dec. 31, 2017	316,379
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings	$ 1	(1,067)			(1,066)
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income tax withholdings (in shares)	145
Issuance of common units in Antero Midstream LP upon vesting of equity-based compensation awards, net of units withheld for income tax withholdings		(50)		32	(18)
Equity-based compensation		18,802		2,354	21,156
Net income (loss) and comprehensive income (loss) including noncontrolling interest			14,833	65,977	80,810
Effects of changes in ownership interests in consolidated subsidiaries		(555)		555
Distributions to non-controlling interests				(55,915)	(55,915)
Other				(5)	(5)
Balances at Mar. 31, 2018	$ 3,165	$ 6,588,082	$ 1,589,898	$ 739,953	$ 8,921,098
Shares Issued, Ending Balance at Mar. 31, 2018	316,524

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss) and comprehensive income (loss)	$ 80,810	$ 305,558
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	228,934	203,366
Impairment of unproved properties	50,536	26,899
Commodity derivative gains	(22,437)	(438,775)
Gains on settled commodity derivatives	101,341	44,849
Marketing derivative gains	(94,234)
Gains on settled marketing derivatives	110,042
Deferred income tax expense (benefit)	9,120	131,346
Equity-based compensation expense	21,156	25,503
Income Loss From Equity Method Investments	(7,862)	(2,231)
Distributions from unconsolidated affiliates	7,085
Other	969	87
Changes in current assets and liabilities:
Accounts receivable	8,204	(7,192)
Accrued revenue	20,199	41,901
Other current assets	(1,431)	(3,366)
Accounts payable	(8,042)	12,545
Accrued liabilities	10,359	19,339
Revenue distributions payable	28,290	34,786
Other current liabilities	(1,490)	(676)
Net cash provided by operating activities	541,549	393,939
Cash flows used in investing activities:
Additions to proved properties		(49,664)
Additions to unproved properties	(49,569)	(55,542)
Drilling and completion costs	(359,868)	(306,925)
Additions to water handling and treatment systems	(40,285)	(36,954)
Additions to gathering systems and facilities	(93,670)	(66,559)
Additions to other property and equipment	(2,571)	(590)
Investments in unconsolidated affiliates	(17,389)	(159,889)
Change in other assets	(217)	(12,350)
Net cash used in investing activities	(563,569)	(688,473)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP		223,119
Borrowings (repayments) on bank credit facility, net	75,000	70,000
Distributions to noncontrolling interest in consolidated subsidiary	(55,915)	(27,149)
Employee tax withholding for settlement of equity compensation awards	(1,084)	(1,657)
Other	(1,269)	(1,389)
Net cash provided by financing activities	16,732	262,924
Net increase in cash and cash equivalents	(5,288)	(31,610)
Cash and cash equivalents, beginning of period	28,441	31,610
Cash and cash equivalents, end of period	23,153
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	42,010	35,770
Supplemental disclosure of noncash investing activities:
Decrease in accounts payable and accrued liabilities for additions to property and equipment	$ (12,691)	$ (10,020)

Organization

Organization	3 Months Ended
	Mar. 31, 2018
Organization
Organization	(1) Antero Resources Corporation (individually referred to as “Antero” or the “Parent”) and its consolidated subsidiaries (collectively referred to as the “Company”) are engaged in the exploration, development, and acquisition of natural gas, NGLs, and oil properties in the Appalachian Basin in West Virginia and Ohio. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs, and oil from unconventional formations. Through its consolidated subsidiary, Antero Midstream Partners LP, a publicly-traded limited partnership (“Antero Midstream”), the Company has gathering and compression, as well as water handling and treatment operations in the Appalachian Basin. The Company’s corporate headquarters are located in Denver, Colorado.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) (a) These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information and should be read in the context of the December 31, 2017 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2017 consolidated financial statements have been filed with the Securities and Exchange Commission (“SEC”) in the Company’s 2017 Form 10-K. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2017 and March 31, 2018, the results of its operations for the three months ended March 31, 2017 and 2018, and its cash flows for the three months ended March 31, 2017 and 2018. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs, and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified. (b) The accompanying condensed consolidated financial statements include the accounts of Antero, its wholly-owned subsidiaries, any entities in which the Company owns a controlling interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. We have determined that Antero Midstream is a VIE for which Antero is the primary beneficiary. Therefore, Antero Midstream’s accounts are included in the Company’s condensed consolidated financial statements. Antero is the primary beneficiary of Antero Midstream based on its power to direct the activities that most significantly impact Antero Midstream’s economic performance, and its obligation to absorb losses of, or right to receive benefits from, Antero Midstream that could be significant to Antero Midstream. In reaching the determination that Antero is the primary beneficiary of Antero Midstream, the Company considered the following: · Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production and completion activities under long-term service contracts. · Antero owned 52.9% of the outstanding limited partner interests in Antero Midstream at March 31, 2018. · Antero Midstream GP LP (“AMGP”) indirectly controls the general partnership interest in Antero Midstream and directly controls Antero IDR Holdings LLC (“IDR LLC”), which owns the incentive distribution rights in Antero Midstream. However, AMGP has not provided, and is not expected to provide, financial support to Antero Midstream. Antero does not control AMGP and does not have any investment in AMGP. · Antero’s officers and management group also act as management of Antero Midstream and AMGP. · Antero and Antero Midstream have contracts with 20-year initial terms and automatic renewal provisions, whereby Antero has dedicated the rights for gathering and compression, and water delivery and treatment services to Antero Midstream. Such dedications cover a substantial portion of Antero’s current acreage and future acquired acreage, in each case, except for acreage that was already dedicated to other parties prior to entering into the service contracts or that was acquired subject to a pre-existing dedication. The contracts call for Antero to present, in advance, its drilling and completion plans in order for Antero Midstream to develop gathering and compression and water delivery and handling assets to service Antero’s operations. Consequently, the drilling and completion capital investment decisions made by Antero control the development and operation of all of Antero Midstream’s assets. Because of these contractual obligations and the capital requirements related to these obligations, Antero Midstream has and, for the foreseeable future, will devote substantially all of its resources to servicing Antero’s operations. · Revenues from Antero provide substantially all of Antero Midstream’s financial support and, therefore, its ability to finance its operations. · As a result of the long-term contractual commitment to support Antero’s substantial growth plans, Antero Midstream will be practically and physically constrained from providing any substantive amount of services to third-parties. All significant intercompany accounts and transactions have been eliminated in the Company’s condensed consolidated financial statements. Noncontrolling interest in the Company’s condensed consolidated financial statements represents the interests in Antero Midstream which are owned by the public and the incentive distribution rights in Antero Midstream. Noncontrolling interests in consolidated subsidiaries is included as a component of equity in the Company’s condensed consolidated balance sheets. Investments in entities for which the Company exercises significant influence, but not control, are accounted for under the equity method. Such investments are included in Investments in unconsolidated affiliates on the Company’s condensed consolidated balance sheets. Income from investees that are accounted for under the equity method is included in Equity in earnings of unconsolidated affiliates on the Company’s condensed consolidated statements of operations and cash flows. (c) The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions which affect revenues, expenses, assets, and liabilities, as well as the disclosure of contingent assets and liabilities. Changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results could differ from those estimates. The Company’s condensed consolidated financial statements are based on a number of significant estimates including estimates of natural gas, NGLs, and oil reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates, by their nature, are inherently imprecise. Other items in the Company’s condensed consolidated financial statements which involve the use of significant estimates include derivative assets and liabilities, accrued revenue, deferred income taxes, equity-based compensation, asset retirement obligations, depreciation, amortization, and commitments and contingencies. (d) The markets for natural gas, NGLs, and oil have, and continue to, experience significant price fluctuations. Price fluctuations can result from variations in weather, levels of production, availability of transportation capacity to other regions of the country, the level of imports to and exports from the United States, and various other factors. Increases or decreases in the prices the Company receives for its production could have a significant impact on the Company’s future results of operations and reserve quantities. (e) The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts within accounts payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its condensed consolidated statements of cash flows. (f) In order to manage its exposure to natural gas, NGLs, and oil price volatility, the Company enters into derivative transactions from time to time, which may include commodity swap agreements, basis swap agreements, collar agreements, and other similar agreements related to the price risk associated with the Company’s production. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company has exposure to credit risk to the extent that the counterparty is unable to satisfy its settlement obligations. The Company actively monitors the creditworthiness of counterparties and assesses the impact, if any, on its derivative positions. The Company records derivative instruments on the condensed consolidated balance sheets as either assets or liabilities measured at fair value and records changes in the fair value of derivatives in current earnings as they occur. Changes in the fair value of commodity derivatives, including gains or losses on settled derivatives, are classified as revenues on the Company’s condensed consolidated statements of operations. The Company’s derivatives have not been designated as hedges for accounting purposes. (g) The Company is obligated to dispose of certain long‑lived assets upon their abandonment. The Company’s asset retirement obligations (“ARO”) relate primarily to its obligation to plug and abandon oil and gas wells at the end of their lives, as well as Antero Midstream’s future closure and postclosure costs associated with the landfill at its wastewater treatment facility. An ARO is recorded at its estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligation, which is then discounted at the Company’s credit‑adjusted, risk‑free interest rate. Revisions to estimated AROs often result from changes in retirement cost estimates or changes in the estimated timing of abandonment. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If an obligation is settled for an amount other than the carrying amount of the liability, the Company will recognize a gain or loss on settlement. (h) For the three months ended March 31, 2017, the Company’s overall effective tax rate was different than the statutory rate of 35% primarily due to the effects of noncontrolling interest income, state tax rates, and permanent differences on vested equity compensation awards. For the three months ended March 31, 2018, the Company’s overall effective tax rate was different than the statutory rate of 21% primarily due to the effects of noncontrolling interest income, state tax rates, and permanent differences on vested equity compensation awards. (i) Management has evaluated how the Company is organized and managed and has identified the following segments: (1) the exploration, development, and production of natural gas, NGLs, and oil; (2) gathering and processing; (3) water handling and treatment; and (4) marketing and utilization of excess firm transportation capacity. All of the Company’s assets are located in the United States and substantially all of its production revenues are attributable to customers located in the United States; however, some of the Company’s production revenues are attributable to customers who resell the Company’s production to third parties located in foreign countries. (j) Earnings per common share —basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of shares outstanding during the period. Earnings per common share—assuming dilution for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of the awards. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three Months Ended March 31, 2017 2018 Basic weighted average number of shares outstanding 314,954 316,471 Add: Dilutive effect of restricted stock units 770 401 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units 45 39 Diluted weighted average number of shares outstanding 315,769 316,911 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 1,509 421 Outstanding stock options 683 653 Performance stock units 660 1,189 (1) The potential dilutive effects of these awards were excluded from the computation of earnings per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive. (k) On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in GAAP when it became effective and was incorporated into GAAP as Accounting Standards Codification (“ASC”) Topic 606. The new standard became effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company elected the cumulative effect transition method. The adoption of this standard had no impact on the Company’s consolidated financial statements. See Note 4 to the condensed consolidated financial statements for the Company’s disclosures under ASC 606. (l) On February 25, 2016, the FASB issued ASU No. 2016-02, Leases , which requires lessees to present nearly all leasing arrangements on the balance sheet as liabilities along with a corresponding right-of-use asset. The ASU will replace most existing lease guidance in GAAP when it becomes effective. The new standard becomes effective for the Company on January 1, 2019. Although early application is permitted, the Company does not plan to early adopt the ASU. The standard requires the use of the modified retrospective transition method. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. Currently, the Company is evaluating the standard’s applicability to its various contractual arrangements. The Company believes that adoption of the standard will result in increases to its assets and liabilities on its consolidated balance sheet as well as changes to the presentation of certain operating expenses on its consolidated statement of operations, including the accelerated recognition of expenses attributable to certain of is leasing arrangements. However, the Company has not yet determined the extent of the adjustments that will be required upon implementation of the standard. The Company continues to monitor relevant industry guidance regarding the implementation of ASU 2016-02 and will adjust its implementation strategies as necessary. The Company does not believe that adoption of the standard will impact its operational strategies, growth prospects, or cash flows.

Antero Midstream Partners LP

Antero Midstream Partners LP	3 Months Ended
	Mar. 31, 2018
Antero Midstream Partners LP
Antero Midstream Partners LP	(3) In 2014, the Company formed Antero Midstream to own, operate, and develop midstream energy assets that service Antero’s production. Antero Midstream’s assets consist of gathering systems and facilities, water handling and treatment facilities, and interests in processing and fractionation plants, through which it provides services to Antero under long-term, fixed-fee contracts. AMGP indirectly owns the general partnership interest in Antero Midstream and directly owns capital interests in IDR LLC, which owns the incentive distribution rights in Antero Midstream. Antero Midstream is an unrestricted subsidiary as defined by Antero’s senior secured revolving bank credit facility (the “Credit Facility”). As an unrestricted subsidiary, Antero Midstream and its subsidiaries are not guarantors of Antero’s obligations, and Antero is not a guarantor of Antero Midstream’s obligations (see Note 16). In connection with Antero’s contribution of its water handling and treatment assets to Antero Midstream in September 2015, Antero Midstream agreed to pay Antero (a) $125 million in cash if Antero Midstream delivers 176,295,000 barrels or more of fresh water during the period between January 1, 2017 and December 31, 2019 and (b) an additional $125 million in cash if Antero Midstream delivers 219,200,000 barrels or more of fresh water during the period between January 1, 2018 and December 31, 2020. Antero Midstream has an Equity Distribution Agreement (the “Distribution Agreement”) pursuant to which Antero Midstream may sell, from time to time through brokers acting as its sales agents, common units representing limited partner interests having an aggregate offering price of up to $250 million. Sales of the common units are made by means of ordinary brokers’ transactions on the New York Stock Exchange, at market prices, in block transactions, or as otherwise agreed to between Antero Midstream and the sales agents. Proceeds are used for general partnership purposes, which may include repayment of indebtedness and funding working capital or capital expenditures. Antero Midstream is under no obligation to offer and sell common units under the Distribution Agreement. During the three months ended March 31, 2018, Antero Midstream did not sell any common units under the Distribution Agreement. As of March 31, 2018, Antero Midstream had the capacity to issue additional common units under the Distribution Agreement up to an aggregate sales price of $157.3 million. On February 6, 2017, Antero Midstream formed a joint venture (the “Joint Venture”) to develop processing assets in Appalachia with MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, L.P. (see note 3). In conjunction with the formation of the Joint Venture, on February 10, 2017, Antero Midstream issued 6,900,000 common units, including common units issued pursuant to the underwriters’ option to purchase additional common units, generating net proceeds of approximately $223 million. Antero Midstream used the net proceeds to fund the initial contribution to the Joint Venture, repay outstanding borrowings under its credit facility, and for general partnership purposes. Antero owned approximately 52.9% of the limited partner interests of Antero Midstream at December 31, 2017 and March 31, 2018.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue
Revenue from Contracts with Customers	(4) (a) Revenue from Contracts with Customers Product revenue Our revenues are primarily derived from the sale of natural gas and oil production, as well as the sale of NGLs that are extracted from our natural gas. Sales of natural gas, NGLs, and oil are recognized when we satisfy a performance obligation by transferring control of a product to a customer. Payment is generally received one month after the sale has occurred. Under our natural gas sales contracts, we deliver natural gas to the purchaser at an agreed upon delivery point. Natural gas is transported from our wellheads to delivery points specified under sales contracts. To deliver natural gas to these points, Antero Midstream or third parties gather, compress, process and transport our natural gas. We maintain control of the natural gas during gathering, compression, processing, and transportation. Our sales contracts provide that we receive a specific index price adjusted for pricing differentials. We transfer control of the product at the delivery point and recognize revenue based on the contract price. The costs to gather, compress, process and transport the natural gas are recorded as Gathering, compression, processing and transportation expenses. NGLs, which are extracted from natural gas through processing, are either sold by us directly or by the processor under processing contracts. For NGLs sold by us directly, our sales contracts provide that we deliver the product to the purchaser at an agreed upon delivery point and that we receive a specific index price adjusted for pricing differentials. We transfer control of the product to the purchaser at the delivery point and recognize revenue based on the contract price. The costs to further process and transport NGLs are recorded as Gathering, compression, processing, and transportation expenses. For NGLs sold by the processor, our processing contracts provide that we transfer control to the processor at the tailgate of the processing plant and we recognize revenue based on the price received from the processor. Under our oil sales contracts, we generally sell oil to the purchaser from storage tanks near the wellhead and collect a contractually agreed upon index price, net of pricing differentials. We transfer control of the product from the storage tanks to the purchaser and recognize revenue based on the contract price. Gathering, compression, water handling and treatment revenue Substantially all revenues from our gathering, compression, water handling and treatment operations are derived from intersegment transactions for services Antero Midstream provides to our exploration and production operations. The portion of such fees shown in our consolidated financial statements represent amounts charged to interest owners in Antero-operated wells, as well as fees charged to other third parties for water handling and treatment services provided by Antero Midstream or usage of Antero Midstream’s gathering and compression systems. For gathering and compression revenue, Antero Midstream satisfies its performance obligations and recognizes revenue when low pressure volumes are delivered to a compressor station, high pressure volumes are delivered to a processing plant or transmission pipeline, and compression volumes are delivered to a high pressure line. Revenue is recognized based on the per Mcf gathering or compression fee charged by Antero Midstream in accordance with the gathering and compression agreement. For water handling and treatment revenue, Antero Midstream satisfies its performance obligations and recognizes revenue when the fresh water volumes have been delivered to the hydration unit of a specified well pad and the wastewater volumes have been delivered to its wastewater treatment facility. For services contracted through third party providers, Antero Midstream’s performance obligation is satisfied when the service performed by the third party provider has been completed. Revenue is recognized based on the per barrel fresh water delivery or wastewater treatment fee charged by Antero Midstream in accordance with the water services agreement. Marketing revenue Marketing revenues are derived from activities to purchase and sell third-party natural gas and NGLs and to market excess firm transportation capacity to third parties. We retain control of the purchased natural gas and NGLs prior to delivery to the purchaser. The Company has concluded that we are the principal in these arrangements and therefore we recognize revenue on a gross basis, with costs to purchase and transport natural gas and NGLs presented as marketing expenses. Contracts to sell third party gas and NGLs are generally subject to similar terms as contracts to sell our produced natural gas and NGLs. We satisfy performance obligations to the purchaser by transferring control of the product at the delivery point and recognize revenue based on the price received from the purchaser. (b) Disaggregation of Revenue In the following table, revenue is disaggregated by type (in thousands). The table also identifies the reportable segment to which the disaggregated revenues relate. For more information on reportable segments, see Note 15—Reportable Segments. Three Months Ended March 31, Segment to which 2017 2018 revenues relate Revenues from contracts with customers: Natural gas sales $ 466,664 $ 497,663 Exploration and production Natural gas liquids sales (ethane) 18,469 27,075 Exploration and production Natural gas liquids sales (C3+ NGLs) 176,183 207,095 Exploration and production Oil sales 26,960 30,273 Exploration and production Gathering and compression 2,539 4,145 Gathering and processing Water handling and treatment 65 790 Water handling and treatment Marketing 65,924 144,389 Marketing Total 756,804 911,430 Revenues from derivatives and other sources 438,775 116,671 Total revenue and other $ 1,195,579 $ 1,028,101 (c) Transaction Price Allocated to Remaining Performance Obligations For our product sales that have a contract term greater than one year, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under our product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For our product sales that have a contract term of one year or less, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. (d) Contract Balances Under our sales contracts, we invoice customers after our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities under ASC 606. At December 31, 2017 and March 31, 2018, our receivables from contracts with customers were $300 million and $280 million, respectively.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2018
Equity Method Investments
Equity Method Investments	(3) In 2014, the Company formed Antero Midstream to own, operate, and develop midstream energy assets that service Antero’s production. Antero Midstream’s assets consist of gathering systems and facilities, water handling and treatment facilities, and interests in processing and fractionation plants, through which it provides services to Antero under long-term, fixed-fee contracts. AMGP indirectly owns the general partnership interest in Antero Midstream and directly owns capital interests in IDR LLC, which owns the incentive distribution rights in Antero Midstream. Antero Midstream is an unrestricted subsidiary as defined by Antero’s senior secured revolving bank credit facility (the “Credit Facility”). As an unrestricted subsidiary, Antero Midstream and its subsidiaries are not guarantors of Antero’s obligations, and Antero is not a guarantor of Antero Midstream’s obligations (see Note 16). In connection with Antero’s contribution of its water handling and treatment assets to Antero Midstream in September 2015, Antero Midstream agreed to pay Antero (a) $125 million in cash if Antero Midstream delivers 176,295,000 barrels or more of fresh water during the period between January 1, 2017 and December 31, 2019 and (b) an additional $125 million in cash if Antero Midstream delivers 219,200,000 barrels or more of fresh water during the period between January 1, 2018 and December 31, 2020. Antero Midstream has an Equity Distribution Agreement (the “Distribution Agreement”) pursuant to which Antero Midstream may sell, from time to time through brokers acting as its sales agents, common units representing limited partner interests having an aggregate offering price of up to $250 million. Sales of the common units are made by means of ordinary brokers’ transactions on the New York Stock Exchange, at market prices, in block transactions, or as otherwise agreed to between Antero Midstream and the sales agents. Proceeds are used for general partnership purposes, which may include repayment of indebtedness and funding working capital or capital expenditures. Antero Midstream is under no obligation to offer and sell common units under the Distribution Agreement. During the three months ended March 31, 2018, Antero Midstream did not sell any common units under the Distribution Agreement. As of March 31, 2018, Antero Midstream had the capacity to issue additional common units under the Distribution Agreement up to an aggregate sales price of $157.3 million. On February 6, 2017, Antero Midstream formed a joint venture (the “Joint Venture”) to develop processing assets in Appalachia with MarkWest Energy Partners, L.P. (“MarkWest”), a wholly owned subsidiary of MPLX, L.P. (see note 3). In conjunction with the formation of the Joint Venture, on February 10, 2017, Antero Midstream issued 6,900,000 common units, including common units issued pursuant to the underwriters’ option to purchase additional common units, generating net proceeds of approximately $223 million. Antero Midstream used the net proceeds to fund the initial contribution to the Joint Venture, repay outstanding borrowings under its credit facility, and for general partnership purposes. Antero owned approximately 52.9% of the limited partner interests of Antero Midstream at December 31, 2017 and March 31, 2018.
Antero Midstream Partners LP
Equity Method Investments
Equity Method Investments	(5) In 2016, Antero Midstream acquired a 15% equity interest in Stonewall Gas Gathering LLC (“Stonewall”), which operates a regional gathering pipeline on which Antero is an anchor shipper. On February 6, 2017, Antero Midstream formed the Joint Venture to develop gas processing and fractionation assets in Appalachia with MarkWest, a wholly owned subsidiary of MPLX. Antero Midstream and MarkWest each own a 50% equity interest in the Joint Venture and MarkWest operates the Joint Venture assets. The Joint Venture assets consist of processing plants in West Virginia, and a one-third interest in a MarkWest fractionator in Ohio. The Company’s consolidated statements of operations and comprehensive income includes Antero Midstream’s proportionate share of the net income of equity method investees. When Antero Midstream records its proportionate share of net income, it increases equity income in the consolidated statements of operations and comprehensive income and the carrying value of that investment on the Company’s consolidated balance sheet. When a distribution is received, it is recorded as a reduction to the carrying value of that investment on the consolidated balance sheet. The Company uses the equity method of accounting to account for its investments in Stonewall and the Joint Venture because Antero Midstream exercises significant influence, but not control, over the entities. The Company’s judgment regarding the level of influence over its equity investments includes considering key factors such as Antero Midstream’s ownership interest, representation on the board of directors, and participation in the policy-making decisions of Stonewall and the Joint Venture. The following table is a reconciliation of investments in unconsolidated affiliates for the three months ended March 31, 2018 (in thousands): Stonewall MarkWest Total Balance at December 31, 2017 $ 67,128 236,174 303,302 Investments — 17,389 17,389 Equity in net income of unconsolidated affiliates 2,738 5,124 7,862 Distributions from unconsolidated affiliates (870) (6,215) (7,085) Balance at March 31, 2018 $ 68,996 252,472 321,468 Investments in the Joint Venture during the three months ended March 31, 2018 relate to capital contributions for construction of additional processing facilities.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Accrued Liabilities
Accrued Liabilities	(6) Accrued Liabilities Accrued liabilities as of December 31, 2017 and March 31, 2018 consisted of the following items (in thousands): December 31, 2017 March 31, 2018 Capital expenditures $ 155,300 123,911 Gathering, compression, processing, and transportation expenses 88,850 94,693 Marketing expenses 59,049 61,917 Interest expense 40,861 63,451 Other 99,165 78,645 $ 443,225 422,617

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Long-Term Debt.
Long-Term Debt	(7) Long-Term Debt Long-term debt was as follows at December 31, 2017 and March 31, 2018 (in thousands): December 31, 2017 March 31, 2018 Antero Resources: Credit Facility(a) $ 185,000 155,000 5.375% senior notes due 2021(b) 1,000,000 1,000,000 5.125% senior notes due 2022(c) 1,100,000 1,100,000 5.625% senior notes due 2023(d) 750,000 750,000 5.00% senior notes due 2025(e) 600,000 600,000 Net unamortized premium 1,520 1,452 Net unamortized debt issuance costs (32,430) (31,026) Antero Midstream: Midstream Credit Facility(g) 555,000 660,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (9,000) (8,720) $ 4,800,090 4,876,706 Antero Resources Corporation (a) Senior Secured Revolving Credit Facility Antero’s Credit Facility is with a consortium of bank lenders. Borrowings under the Credit Facility are subject to borrowing base limitations based on the collateral value of Antero’s assets and are subject to regular annual redeterminations. At March 31, 2018, the borrowing base under the Credit Facility was $4.5 billion and lender commitments were $2.5 billion. The next redetermination of the borrowing base is scheduled to occur by the end of April 2018. The maturity date of the Credit Facility is the earlier of (i) October 26, 2022 and (ii) the date that is 91 days prior to the earliest stated redemption date of any series of Antero’s senior notes, unless such series of notes is refinanced. Under the Credit Facility, “Investment Grade Period” is a period that, as long as no event of default has occurred, commences when Antero elects to give notice to the Administrative Agent that Antero has received at least one of (i) a BBB- or better rating from Standard and Poor’s and (ii) a Baa3 or better rating from Moody’s (an “Investment Grade Rating”). An Investment Grade Period can end at Antero’s election. During any period that is not an Investment Grade Period, the Credit Facility is ratably secured by mortgages on substantially all of Antero’s properties and guarantees from Antero’s restricted subsidiaries, as applicable. During an Investment Grade Period, the liens securing the obligations under the Credit Facility shall be automatically released (subject to the provisions of the Credit Facility). The Credit Facility contains certain covenants, including restrictions on indebtedness and dividends, and requirements with respect to working capital and interest coverage ratios. During any period that is not an Investment Grade Period, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero’s election at the time of borrowing, plus an applicable rate based on Antero’s borrowing base utilization which ranges from 25 basis points to 225 basis points. During an Investment Grade Period, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero’s election at the time of borrowing, plus an applicable rate based on Antero’s credit rating which ranges from 12.5 basis points to 175 basis points. Antero was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2017 and March 31, 2018. As of March 31, 2018, Antero had an outstanding balance under the Credit Facility of $155 million, with a weighted average interest rate of 2.90%, and outstanding letters of credit of $692 million. As of December 31, 2017, Antero had an outstanding balance under the Credit Facility of $185 million, with a weighted average interest rate of 2.96%, and outstanding letters of credit of $705 million. Commitment fees on the unused portion of the Credit Facility are due quarterly at rates ranging from (i) 0.300% to 0.375% (during any period that is not an Investment Grade Period) of the unused portion based on utilization and (ii) 0.150% to 0.300% (during an Investment Grade Period) of the unused portion based on Antero’s credit rating. (b) 5.375% Senior Notes Due 2021 On November 5, 2013, Antero issued $1 billion of 5.375% senior notes due November 1, 2021 (the “2021 notes”) at par. The 2021 notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2021 notes rank pari passu to Antero’s other outstanding senior notes. The 2021 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2021 notes is payable on May 1 and November 1 of each year. Antero may redeem all or part of the 2021 notes at any time at redemption prices ranging from 102.688% currently to 100.00% on or after November 1, 2019. If Antero undergoes a change of control, the holders of the 2021 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2021 notes, plus accrued and unpaid interest. (c) 5.125% Senior Notes Due 2022 On May 6, 2014, Antero issued $600 million of 5.125% senior notes due December 1, 2022 (the “2022 notes”) at par. On September 18, 2014, Antero issued an additional $500 million of the 2022 notes at 100.5% of par. The 2022 notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2022 notes rank pari passu to Antero’s other outstanding senior notes. The 2022 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2022 notes is payable on June 1 and December 1 of each year. Antero may redeem all or part of the 2022 notes at any time at redemption prices ranging from 103.844% currently to 100.00% on or after June 1, 2020. If Antero undergoes a change of control, the holders of the 2022 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2022 notes, plus accrued and unpaid interest. (d) 5.625% Senior Notes Due 2023 On March 17, 2015, Antero issued $750 million of 5.625% senior notes due June 1, 2023 (the “2023 notes”) at par. The 2023 notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2023 notes rank pari passu to Antero’s other outstanding senior notes. The 2023 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2023 notes is payable on June 1 and December 1 of each year. Antero may redeem all or part of the 2023 notes at any time on or after June 1, 2018 at redemption prices ranging from 104.219% on or after June 1, 2018 to 100.00% on or after June 1, 2021. In addition, on or before June 1, 2018, Antero may redeem up to 35% of the aggregate principal amount of the 2023 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.625% of the principal amount of the 2023 notes, plus accrued and unpaid interest. At any time prior to June 1, 2018, Antero may also redeem the 2023 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2023 notes plus a “make-whole” premium and accrued and unpaid interest. If Antero undergoes a change of control, the holders of the 2023 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2023 notes, plus accrued and unpaid interest. (e) 5.00% Senior Notes Due 2025 On December 21, 2016, Antero issued $600 million of 5.00% senior notes due March 1, 2025 (the “2025 notes”) at par. The 2025 notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2025 notes rank pari passu to Antero’s other outstanding senior notes. The 2025 notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero’s wholly-owned subsidiaries and certain of its future restricted subsidiaries. Interest on the 2025 notes is payable on March 1 and September 1 of each year. Antero may redeem all or part of the 2025 notes at any time on or after March 1, 2020 at redemption prices ranging from 103.750% on or after March 1, 2020 to 100.00% on or after March 1, 2023. In addition, on or before March 1, 2020, Antero may redeem up to 35% of the aggregate principal amount of the 2025 notes with the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.00% of the principal amount of the 2025 notes, plus accrued and unpaid interest. At any time prior to March 1, 2020, Antero may also redeem the 2025 notes, in whole or in part, at a price equal to 100% of the principal amount of the 2025 notes plus a “make-whole” premium and accrued and unpaid interest. If Antero undergoes a change of control, the holders of the 2025 notes will have the right to require Antero to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2025 notes, plus accrued and unpaid interest. (f) Treasury Management Facility Antero has a stand-alone revolving note with a lender which provides for up to $25 million of cash management obligations in order to facilitate Antero’s daily treasury management. Borrowings under the revolving note are secured by the collateral for the Credit Facility. Borrowings under the revolving note bear interest at the lender’s prime rate plus 1.0%. The note matures on June 1, 2018. At December 31, 2017 and March 31, 2018, there were no outstanding borrowings under this note. Antero Midstream Partners LP (g) Senior Secured Revolving Credit Facility – Antero Midstream Antero Midstream has a secured revolving credit facility (the “Midstream Credit Facility”) with a syndicate of bank lenders. At March 31, 2018, lender commitments under the Midstream Credit Facility were $1.5 billion. The maturity date of the Midstream Credit Facility is October 26, 2022. During any period that is not an Investment Grade Period (as such term is defined in the Midstream Credit Facility), the Midstream Credit Facility is ratably secured by mortgages on substantially all of the properties of Antero Midstream and guarantees from its restricted subsidiaries, as applicable. During an Investment Grade Period under the Midstream Credit Facility, the liens securing the Midstream Credit Facility are automatically released (subject to the provisions of the Midstream Credit Facility). The Midstream Credit Facility contains certain covenants, including restrictions on indebtedness and certain distributions to owners, and requirements with respect to leverage and interest coverage ratios. During any period that is not an Investment Grade Period under the Midstream Credit Facility, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero Midstream’s election at the time of borrowing, plus an applicable rate based on Antero Midstream’s borrowing base utilization which ranges from 25 basis points to 225 basis points. During an Investment Grade Period under the Midstream Credit Facility, interest is payable at a variable rate based on LIBOR or the prime rate determined by Antero Midstream’s election at the time of borrowing, plus an applicable rate based on Antero Midstream’s credit rating which ranges from 12.5 basis points to 200 basis points. Antero Midstream was in compliance with all of the financial covenants under the Midstream Credit Facility as of December 31, 2017 and March 31, 2018. As of March 31, 2018, Antero Midstream had an outstanding balance under the Midstream Credit Facility of $660 million with a weighted average interest rate of 2.95%, and no letters of credit outstanding. As of December 31, 2017, Antero Midstream had an outstanding balance under the Midstream Credit Facility of $555 million with a weighted average interest rate of 2.81%. Commitment fees on the unused portion of the Midstream Credit Facility are due quarterly at rates ranging from (i) 0.25% to 0.375% of the unused portion (during an period that is not an Investment Grade Period) based on the leverage ratio and (ii) 0.175% to 0.375% of the unused portion (during an Investment Grade Period) based on Antero Midstream’s credit rating. (h) 5.375% Senior Notes Due 2024 – Antero Midstream On September 13, 2016, Antero Midstream and its wholly-owned subsidiary, Antero Midstream Finance Corporation (“Midstream Finance Corp.”) as co-issuers, issued $650 million in aggregate principal amount of 5.375% senior notes due September 15, 2024 (the “2024 Midstream notes”) at par. The 2024 Midstream notes are unsecured and effectively subordinated to the Midstream Credit Facility to the extent of the value of the collateral securing the Midstream Credit Facility. The 2024 Midstream notes are guaranteed on a full and unconditional and joint and several senior unsecured basis by Antero Midstream’s wholly-owned subsidiaries, excluding Midstream Finance Corp., and certain of Antero Midstream’s future restricted subsidiaries. Interest on the 2024 Midstream notes is payable on March 15 and September 15 of each year. Antero Midstream may redeem all or part of the 2024 Midstream notes at any time on or after September 15, 2019 at redemption prices ranging from 104.031% on or after September 15, 2019 to 100.00% on or after September 15, 2022. In addition, prior to September 15, 2019, Antero Midstream may redeem up to 35% of the aggregate principal amount of the 2024 Midstream notes with an amount of cash not greater than the net cash proceeds of certain equity offerings, if certain conditions are met, at a redemption price of 105.375% of the principal amount of the 2024 Midstream notes, plus accrued and unpaid interest. At any time prior to September 15, 2019, Antero Midstream may also redeem the 2024 Midstream notes, in whole or in part, at a price equal to 100% of the principal amount of the 2024 Midstream notes plus a “make-whole” premium and accrued and unpaid interest. If Antero Midstream undergoes a change of control, the holders of the 2024 Midstream notes will have the right to require Antero Midstream to repurchase all or a portion of the notes at a price equal to 101% of the principal amount of the 2024 Midstream notes, plus accrued and unpaid interest.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2018
Asset Retirement Obligations
Asset Retirement Obligations	(8) The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2018 (in thousands): Asset retirement obligations—December 31, 2017 $ 34,610 Obligations incurred 3,525 Accretion expense 690 Asset retirement obligations—March 31, 2018 $ 38,825 Asset retirement obligations are included in other liabilities on the Company’s condensed consolidated balance sheets.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2018
Equity-Based Compensation
Equity-Based Compensation	(9) Equity-Based Compensation Antero is authorized to grant up to 16,906,500 shares of common stock to employees and directors of the Company under the Antero Resources Corporation Long-Term Incentive Plan (the “Plan”). The Plan allows equity-based compensation awards to be granted in a variety of forms, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, dividend equivalent awards, and other types of awards. The terms and conditions of the awards granted are established by the Compensation Committee of Antero’s Board of Directors. A total of 8,524,884 shares were available for future grant under the Plan as of March 31, 2018. Antero Midstream’s general partner is authorized to grant up to 10,000,000 common units representing limited partner interests in Antero Midstream under the Antero Midstream Partners LP Long-Term Incentive Plan (the “Midstream Plan”) to non-employee directors of its general partner and certain officers, employees, and consultants of Antero Midstream and its affiliates (which include Antero). A total of 7,876,693 common units were available for future grant under the Midstream Plan as of March 31, 2018. The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2017 and 2018 (in thousands): Three Months Ended March 31, 2017 2018 Restricted stock unit awards $ 18,225 13,444 Stock options 620 481 Performance share unit awards 2,135 2,511 Antero Midstream phantom unit awards 4,043 4,218 Equity awards issued to directors 480 502 Total expense $ 25,503 21,156 Restricted Stock Unit Awards Restricted stock unit awards vest subject to the satisfaction of service requirements. Expense related to each restricted stock unit award is recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. The grant date fair values of these awards are determined based on the closing price of the Company’s common stock on the date of the grant. A summary of restricted stock unit awards activity for the three months ended March 31, 2018 is as follows: Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2017 3,424,084 $ 28.51 $ 65,058 Granted 63,313 $ 19.87 Vested (145,493) $ 28.42 Forfeited (119,599) $ 30.19 Total awarded and unvested—March 31, 2018 3,222,305 $ 28.28 $ 63,963 Intrinsic values are based on the closing price of the Company’s stock on the referenced dates. As of March 31, 2018, there was $50.5 million of unamortized equity-based compensation expense related to unvested restricted stock units. That expense is expected to be recognized over a weighted average period of approximately 1.7 years. Stock Options Stock options granted under the Plan have a maximum contractual life of 10 years. Expense related to stock options is recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. Stock options were granted with an exercise price equal to or greater than the market price of the Company’s common stock on the dates of grant. A summary of stock option activity for the three months ended March 31, 2018 is as follows: Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2017 660,512 $ 50.48 7.06 $ — Granted — $ — Exercised — $ — Forfeited (12,374) $ 50.00 Expired — $ — Outstanding at March 31, 2018 648,138 $ 50.49 6.82 $ — Vested or expected to vest as of March 31, 2018 648,138 $ 50.49 6.82 $ — Exercisable at March 31, 2018 367,065 $ 50.87 6.64 $ — Intrinsic values are based on the exercise price of the options and the closing price of the Company’s stock on the referenced dates. As of March 31, 2018, there was $2.2 million of unamortized equity-based compensation expense related to unvested stock options. That expense is expected to be recognized over a weighted average period of approximately 1.0 year. Performance Share Unit Awards Performance Share Unit Awards Based on Price Targets In 2016, the Company granted performance share unit awards (“PSUs”) to certain of its executive officers that are based on price targets. The vesting of these PSUs is conditioned on the closing price of the Company’s common stock achieving specific price thresholds over 10-day periods, subject to the following vesting restrictions: no PSUs may vest before the first anniversary of the grant date; no more than one-third of the PSUs may vest before the second anniversary of the grant date; and no more than two-thirds of the PSUs may vest before the third anniversary of the grant date. Any PSUs which have not vested by the fifth anniversary of the grant date will expire. Expense related to these PSUs is recognized on a graded basis over three years. Performance Share Unit Awards Based on Total Shareholder Return In 2016 and 2017, the Company also granted PSUs to certain of its employees and executive officers which vest based on the total shareholder return (“TSR”) of the Company’s common stock relative to the TSR of a peer group of companies over a three-year performance period. The number of common shares which may ultimately be earned ranges from zero to 200% of the PSUs granted. Expense related to these PSUs is recognized on a straight-line basis over three years. Summary Information for Performance Share Unit Awards A summary of PSU activity for the three months ended March 31, 2018 is as follows: Number of Weighted Total awarded and unvested—December 31, 2017 1,283,843 $ 28.29 Granted — $ — Vested (41,666) $ 27.38 Forfeited (12,186) $ 29.83 Total awarded and unvested—March 31, 2018 1,229,991 $ 28.30 As of March 31, 2018, there was $15.1 million of unamortized equity-based compensation expense related to unvested PSUs. That expense is expected to be recognized over a weighted average period of approximately 1.7 years. Antero Midstream Partners Phantom Unit Awards Phantom units granted by Antero Midstream vest subject to the satisfaction of service requirements, upon the completion of which common units in Antero Midstream are delivered to the holder of the phantom units. Phantom units also contain distribution equivalent rights which entitle the holder of vested common units to receive a “catch up” payment equal to common unit distributions paid by Antero Midstream during the vesting period of the phantom unit award. These phantom units are treated, for accounting purposes, as if Antero Midstream distributed the units to Antero. Antero recognizes compensation expense as the units are granted to its employees, and a portion of the expense is allocated to Antero Midstream. Expense related to each phantom unit award is recognized on a straight-line basis over the requisite service period of the entire award. Forfeitures are accounted for as they occur by reversing the expense previously recognized for awards that were forfeited during the period. The grant date fair values of these awards are determined based on the closing price of Antero Midstream’s common units on the date of grant. A summary of phantom unit awards activity for the three months ended March 31, 2018 is as follows: Number of Weighted Aggregate Total awarded and unvested—December 31, 2017 1,042,963 $ 28.69 $ 30,288 Granted 9,449 $ 31.75 Vested (1,491) $ 33.52 Forfeited (24,990) $ 28.96 Total awarded and unvested—March 31, 2018 1,025,931 $ 28.71 $ 26,561 Intrinsic values are based on the closing price of Antero Midstream’s common units on the referenced dates. As of March 31, 2018, there was $20.3 million of unamortized equity-based compensation expense related to unvested phantom unit awards. That expense is expected to be recognized over a weighted average period of approximately 1.9 years.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Financial Instruments
Financial Instruments	(10) Financial Instruments The carrying values of accounts receivable and accounts payable at December 31, 2017 and March 31, 2018 approximated market values because of their short-term nature. The carrying values of the amounts outstanding under the Credit Facility and Midstream Credit Facility at December 31, 2017 and March 31, 2018 approximated fair value because the variable interest rates are reflective of current market conditions. Based on Level 2 market data inputs, the fair value of Antero’s senior notes was approximately $3.5 billion at December 31, 2017 and March 31, 2018. Based on Level 2 market data inputs, the fair value of Antero Midstream’s senior notes was approximately $670 million at December 31, 2017 and $652 million at March 31, 2018. See Note 11 for information regarding the fair value of derivative financial instruments.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments.
Derivative Instruments	(11) Derivative Instruments (a) Commodity Derivative Positions The Company periodically enters into natural gas, NGLs, and oil derivative contracts with counterparties to hedge the price risk associated with its production. These derivatives are not entered into for trading purposes. To the extent that changes occur in the market prices of natural gas, NGLs, and oil, the Company is exposed to market risk on these open contracts. This market risk exposure is generally offset by the change in market prices of natural gas, NGLs, and oil recognized upon the ultimate sale of the Company’s production. The Company was party to various fixed price commodity swap contracts that settled during the three months ended March 31, 2017 and 2018. The Company enters into these swap contracts when management believes that favorable future sales prices for the Company’s production can be secured. Under these swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company pays the difference to the counterparty. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company receives the difference from the counterparty. The Company’s derivative swap contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in the Company’s statements of operations. As of March 31, 2018, the Company’s fixed price natural gas, NGLs, and oil swap positions from April 1, 2018 through December 31, 2023 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: NYMEX=Henry Hub; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate): Natural gas Oil Natural Gas Weighted Three months ending June 30, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.42 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.76 Total 2,002,500 6,000 26,000 Three months ending September 30, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.45 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.76 Total 2,002,500 6,000 26,000 Three months ending December 31, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.53 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.77 Total 2,002,500 6,000 26,000 Year ending December 31, 2019: NYMEX ($/MMBtu) 2,330,000 $ 3.50 Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 $ 3.25 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 $ 3.00 Year ending December 31, 2022: NYMEX ($/MMBtu) 850,000 $ 3.00 Year ending December 31, 2023: NYMEX ($/MMBtu) 90,000 $ 2.91 (b) Marketing Derivatives In 2017, due to delay of the in-service date for a pipeline on which the Company is to be an anchor shipper, the Company realized it would not be able to fulfill its delivery obligations under a natural gas sales contract commencing in January 2018 until late 2018. In order to acquire gas to fulfill its delivery obligations, the Company entered into several natural gas purchase agreements with index-based pricing to purchase gas for resale under this sales contract. Subsequently, the Company and the counterparty to the sales contract came to an agreement that the Company’s delivery obligations under the contract would not begin until the earlier of (1) the in-service date of the pipeline and (2) January 1, 2019. Consequently, in December 2017, the Company entered into natural gas sales agreements with index-based pricing to resell the purchased gas for delivery during the period from February to October 2018. The natural gas that it had purchased for January was sold on the spot market during January. As a result of severe cold weather in the local area in January resulting in wide basis premiums at the index for these contracts, the Company realized a $110 million cash gain during the quarter on these contracts. The Company determined that these gas purchase and sales agreements should be accounted for as derivatives and measured at fair value at the end of each period. The Company recognized a loss in the fourth quarter of 2017 of $21.4 million. For the three months ended March 31, 2018, the Company recognized a net gain of $94.2 million. The estimated fair value of these contracts of $37.2 million at March 31, 2018 is included in current Derivative liabilities on the Company’s condensed consolidated balance sheet and will be settled during 2018. (c) The following table presents a summary of the fair values of the Company’s derivative instruments and where such values are recorded in the consolidated balance sheets as of December 31, 2017 and March 31, 2018. None of the Company’s derivative instruments are designated as hedges for accounting purposes. December 31, 2017 March 31, 2018 Balance sheet Fair value Balance sheet Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity derivatives - current Derivative instruments $ 460,685 Derivative instruments $ 459,892 Commodity derivatives - noncurrent Derivative instruments 841,257 Derivative instruments 760,562 Total asset derivatives 1,301,942 1,220,454 Liability derivatives not designated as hedges for accounting purposes: Marketing derivatives - current Derivative instruments 21,394 Derivative instruments 37,202 Commodity derivatives - current Derivative instruments 7,082 Derivative instruments 4,705 Commodity derivatives - noncurrent Derivative instruments 207 Derivative instruments — Total liability derivatives 28,683 41,907 Net derivatives $ 1,273,259 $ 1,178,547 The following table presents the gross values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2017 March 31, 2018 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ 1,367,554 (65,612) 1,301,942 $ 1,265,716 (45,262) 1,220,454 Commodity derivative liabilities $ (72,901) 65,612 (7,289) $ (49,967) 45,262 (4,705) Marketing derivative assets $ 311,083 (311,083) — $ — — — Marketing derivative liabilities $ (332,477) 311,083 (21,394) $ (37,202) — (37,202) The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2018 (in thousands): Statement of Three months ended March 31, location 2017 2018 Commodity derivative gains Revenue $ 438,775 22,437 Marketing derivative gains Revenue $ — 94,234 The fair value of derivative instruments was determined using Level 2 inputs.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2018
Commitments
Commitments	(12) The table below is a schedule of future minimum payments for firm transportation, drilling rig and completion services, processing, gathering and compression, and office and equipment agreements, as well as leases that have remaining lease terms in excess of one year as of March 31, 2018 (in millions). Firm Processing, Drilling rigs and completion Office and equipment (in millions) (a) (b) (c) (d) Total Remainder of 2018 $ 653 338 54 11 1,056 2019 1,086 365 43 11 1,505 2020 1,106 383 — 10 1,499 2021 1,085 367 — 9 1,461 2022 1,033 364 — 8 1,405 2023 1,021 355 — 7 1,383 Thereafter 8,588 1,568 — 49 10,205 Total $ 14,572 3,740 97 105 18,514 (a) Firm Transportation The Company has entered into firm transportation agreements with various pipelines in order to facilitate the delivery of its production to market. These contracts commit the Company to transport minimum daily natural gas or NGLs volumes at negotiated rates, or pay for any deficiencies at specified reservation fee rates. The amounts in this table are based on the Company’s minimum daily volumes at the reservation fee rate. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (b) Processing, Gathering, and Compression Service Commitments The Company has entered into various long‑term gas processing agreements for certain of its production that will allow it to realize the value of its NGLs. The minimum payment obligations under the agreements are presented in the table. The Company has various gathering and compression service agreements with third parties that provide for payments based on volumes gathered or compressed. The minimum payment obligations under these agreements are presented in the table. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. The values in the table also include minimum processing fees to be paid to the Joint Venture owned by Antero Midstream and MarkWest, and Antero Midstream’s commitments for the construction of its advanced wastewater treatment complex, which is currently undergoing testing and commissioning. The table does not include intracompany commitments. Future capital contributions to unconsolidated affiliates are excluded from the table as neither the amounts nor the timing of the obligations can be determined in advance. (c) Drilling Rig Service Commitments The Company has obligations under agreements with service providers to procure drilling rigs and completion services. The values in the table represent the gross amounts that the Company is committed to pay; however, the Company will record in the consolidated financial statements its proportionate share of costs based on its working interest. (d) Office and Equipment Leases The Company leases various office space and equipment under capital and operating lease arrangements.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2018
Contingencies
Contingencies	(13) Contingencies SJGC The Company is the plaintiff in two lawsuits against South Jersey Gas Company and South Jersey Resources Group, LLC (collectively, “SJGC”) pending in United States District Court in Colorado. In March 2015, the Company filed suit against SJGC seeking relief for breach of contract and damages in the amounts that SJGC had short paid, and continued to short pay, the Company in connection with two nearly identical long term gas contracts. Under those contracts, SJGC are long term purchasers of 80,000 MMBtu/day of the Company’s natural gas production. Deliveries under the contracts began in October 2011 and the term of the contracts continues through October 2019. The price for gas was based on specified indices in the contracts. Beginning in October 2014, SJGC began short paying the Company based on price indices unilaterally selected by SJGC and not the applicable index specified in the contracts. SJGC claimed that the index price specified in the contracts, and the index at which SJGC paid for deliveries from 2011 through September 2014, was no longer appropriate under the contracts because a market disruption event (as defined by the contract) had occurred and, as a result, a new index price was required to be determined by the parties. The Company rejected SJGC’s contention that a market disruption event occurred. SJGC’s actions constituted a breach of the contracts by failing to pay the Company based on the express price terms of the contracts and paying the Company based on unilaterally selected price indices in violation of the contracts’ remedial provisions. On May 8, 2017, a jury in the United States District Court in Colorado returned a unanimous verdict finding in favor of Antero’s positions in the lawsuit against SJGC. On July 21, 2017, final judgment on the jury’s unanimous verdict was entered by the court. On August 18, 2017, SJGC filed post-judgment motions with the court. On March 23, 2018, the court denied SJGC’s post-judgment motions. On April 20, 2018, SJGC appealed the final judgment to the United States Court of Appeals for the Tenth Circuit and the appeal remains pending. Subsequent to the entry of judgment, SJGC has continued to short pay the Company on the basis of unilaterally selected price indices and not the index specified in the contract. Accordingly, on December 21, 2017, Antero filed suit against SJGC to recover for its damages since March of 2017. Through March 31, 2018, the Company estimates that it is owed approximately $77 million (gross damages, including interest) more than SJGC has paid using the indices unilaterally selected by them. Substantially all of this amount has not been accrued in the Company’s financial statements. The Company will vigorously seek recovery from SJGC of all underpayments and damages, including interest, based on the contracted price. WGL The Company and Washington Gas Light Company and WGL Midstream, Inc. (collectively, “WGL”) were involved in a pricing dispute involving firm gas sales contracts executed June 20, 2014 (the “Contracts”) that the Company began delivering gas under in January 2016. From January 2016 through July 2017 and from December 2017 through January 2018, the aggregate daily gas volumes contracted for under the Contracts was 500,000 MMBtu/day, with the aggregate daily contracted volumes having increased to 600,000 MMBtu/day from August through November 2017. The Company invoiced WGL based on the natural gas index price specified in the Contracts and WGL paid the Company based on that invoice price. However, WGL asserted that the index price was no longer appropriate under the Contracts and claimed that an undefined alternative index was more appropriate for the delivery point of the gas. In July 2016, the matter was referred to arbitration by the Colorado district court. In January 2017, after hearing a week of testimony and evidence, the arbitration panel ruled in the Company’s favor. As a result, the index price has remained as specified in the Contracts and there will be no adjustments to the invoices that have been paid by WGL, nor will future invoices to WGL be adjusted based on the same claim rejected by the arbitration panel. The arbitration panel’s award was confirmed by the Colorado district court on April 14, 2017. In March of 2017, WGL filed a second legal proceeding against the Company in Colorado district court alleging breach of contract and seeking damages of more than $30 million. In this lawsuit, WGL claimed that the Company breached its contractual obligations under the Contracts by failing to deliver “TCO pool” gas. In subsequent filings, WGL explained that its claims were based on an alleged obligation that the Company must deliver gas to the Columbia IPP Pool (“IPP Pool”). WGL asserted this exact same issue in the arbitration and it was rejected by the arbitration panel. The arbitration panel specifically found that the Delivery Point under the Contracts was at a specific point in Braxton, West Virginia, not the IPP Pool. On August 24, 2017, the Colorado district court dismissed with prejudice WGL’s claims against the Company in its new lawsuit and found that the Company had not breached its Contracts with WGL by allegedly failing to deliver to the IPP Pool. The Court also reaffirmed the arbitration panel’s finding that the delivery point under the Contracts was not the IPP Pool. WGL has appealed this decision to the Colorado Court of Appeals and that appeal remains pending. The Company is also actively engaged in pursuing cover damages against WGL based on WGL’s failure to take receipt of all of the agreed quantities of gas required under the Contracts. WGL’s failure to take the gas volumes specified in the Contracts is directly related to WGL’s lack of primary firm transportation rights at the Delivery Point. The failures by WGL to take the full contracted volumes gas began in April 2017 and continued each month through December 2017 in varying quantities. In defense of its conduct, WGL has asserted to the Company that their failure to receive gas is excused by (1) the Company’s failure to deliver gas to the IPP Pool or (2) alleged instances of Force Majeure under the Contracts. However, as stated above, the alleged obligation that the Company must deliver gas to the IPP Pool was rejected by the arbitration panel and the Colorado district court. Further, the Contracts expressly prohibit a Force Majeure claim in circumstances in which the gas purchaser does not have primary firm transportation agreements in place to transport the purchased gas. In each instance that WGL has failed to receive the quantity of gas required under the Contracts, the Company has resold the quantities not taken and invoiced WGL for cover damages pursuant to the terms of the Contracts. WGL has refused to pay for the invoiced cover damages as required by the Contracts and has also short paid the Company for, among other things, certain amounts of gas received by WGL. Through March 31, 2018, these damages amounted to approximately $105 million (gross damages, including interest). This amount has not been accrued in the Company’s financial statements. The Company is currently pursuing its cover damages in a lawsuit filed in Colorado district court on October 24, 2017. This case is set for trial on September 17, 2018. The Company will continue to vigorously seek recovery of its cover damages and other unpaid amounts, including interest, as part of its claims against WGL. Effective February 1, 2018, as a result of a recent amendment to its firm gas sales contract with WGL Midstream, Inc. that was executed on December 28, 2017, the total aggregate volumes to be delivered to WGL at the delivery point in Braxton, West Virginia were reduced from 500,000 MMBtu/day to 200,000 MMBtu/day. Upon both (1) the in service of the Dominion Cove Point LNG facility and (2) the earlier of in service of the WB East expansion and January 1, 2019, the aggregate contract volumes to be delivered to WGL will increase by 330,000 MMBtu/day. This increase will be in effect for the remaining term of our gas sale contract with WGL Midstream, which expires in 2038, and these increased volumes will be subject to NYMEX-based pricing. Following the increase of 330,000 MMBtu/day, the aggregate contract volumes to be delivered to WGL will total 530,000 MMBtu/day. Other The Company is party to various other legal proceedings and claims in the ordinary course of its business. The Company believes that certain of these matters will be covered by insurance and that the outcome of other matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2018
Related Parties
Related Parties	(14) Related Parties Certain of the Company’s shareholders, including members of its executive management group, own a significant interest in the Company and, either through their representatives or directly, serve as members of the Board of Directors of Antero and the Boards of Directors of the general partners of Antero Midstream and AMGP. These same groups or individuals own limited partner interests in Antero Midstream and common shares and other interests in AMGP, which indirectly owns the incentive distribution rights in Antero Midstream. Antero’s executive management group also manages the operations and business affairs of Antero Midstream and AMGP. Antero Midstream’s operations comprise substantially all of the operations of our gathering and processing segment and our water handling and treatment segment. Substantially all of the revenues for those segments in the three months ended March 31, 2017 and 2018 were derived from transactions with Antero. See Note 15 for the operating results of the Company’s reportable segments.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Information
Segment Information	(15) See Note 2(k) for a description of the Company’s determination of its reportable segments. Revenues from gathering and processing and water handling and treatment operations are primarily derived from intersegment transactions for services provided to the Company’s exploration and production operations. Marketing revenues are primarily derived from activities to purchase and sell third-party natural gas and NGLs and to market excess firm transportation capacity to third parties. Operating segments are evaluated based on their contribution to consolidated results, which is primarily determined by the respective operating income of each segment. General and administrative expenses are allocated to the gathering and processing and water handling and treatment segments based on the nature of the expenses and on a combination of the segments’ proportionate share of the Company’s consolidated property and equipment, capital expenditures, and labor costs, as applicable. General and administrative expenses related to the marketing segment are not allocated because they are immaterial. Other income, income taxes, and interest expense are primarily managed and evaluated on a consolidated basis. Intersegment sales are transacted at prices which approximate market. Accounting policies for each segment are the same as the Company’s accounting policies described in Note 2 to the condensed consolidated financial statements. The operating results and assets of the Company’s reportable segments were as follows for the three months ended March 31, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2017: Sales and revenues: Third-party $ 1,127,051 2,539 65 65,924 — 1,195,579 Intersegment 4,440 89,120 83,045 — (176,605) — Total $ 1,131,491 91,659 83,110 65,924 (176,605) 1,195,579 Operating expenses: Lease operating $ 15,742 — 38,622 — (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 8,114 — — (89,053) 266,829 Depletion, depreciation, and amortization 174,969 19,924 7,836 — — 202,729 General and administrative 51,056 10,138 4,319 — (815) 64,698 Other 53,618 — 4,344 89,993 (3,526) 144,429 Total 643,153 38,176 55,121 89,993 (132,207) 694,236 Operating income (loss) $ 488,338 53,483 27,989 (24,069) (44,398) 501,343 Equity in earnings of unconsolidated affiliates $ — 2,231 — — — 2,231 Segment assets $ 12,989,013 1,941,668 645,943 27,730 (715,700) 14,888,654 Capital expenditures for segment assets $ 457,739 66,559 36,954 — (45,018) 516,234 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2018: Sales and revenues: Third-party $ 784,543 4,145 790 238,623 — 1,028,101 Intersegment 5,875 104,032 120,624 — (230,531) — Total $ 790,418 108,177 121,414 238,623 (230,531) 1,028,101 Operating expenses: Lease operating $ 31,262 — 54,872 — (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 11,368 — — (103,775) 291,938 Depletion, depreciation, and amortization 195,588 23,638 9,018 — — 228,244 General and administrative 46,420 10,362 4,093 — (845) 60,030 Other 77,884 14 4,910 195,739 (3,874) 274,673 Total 735,499 45,382 72,893 195,739 (167,906) 881,607 Operating income (loss) $ 54,919 62,795 48,521 42,884 (62,625) 146,494 Equity in earnings of unconsolidated affiliates $ — 7,862 — — — 7,862 Segment assets $ 13,200,108 2,217,115 933,909 41,548 (969,831) 15,422,849 Capital expenditures for segment assets $ 472,767 93,670 40,285 — (60,759) 545,963

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2018
Subsidiary Guarantors
Subsidiary Guarantors	(16) Subsidiary Guarantors Each of Antero’s wholly-owned subsidiaries has fully and unconditionally guaranteed Antero’s senior notes. Antero Midstream and its subsidiaries have been designated as unrestricted subsidiaries under the Credit Facility and the indentures governing Antero’s senior notes, and do not guarantee any of Antero’s obligations (see Note 7). In the event a subsidiary guarantor is sold or disposed of (whether by merger, consolidation, the sale of a sufficient amount of its capital stock so that it no longer qualifies as a “Subsidiary” of the Company (as defined in the indentures governing the notes) or the sale of all or substantially all of its assets (other than by lease))) and whether or not the subsidiary guarantor is the surviving entity in such transaction to a person which is not Antero or a restricted subsidiary of Antero, such subsidiary guarantor will be released from its obligations under its subsidiary guarantee if the sale or other disposition does not violate the covenants set forth in the indentures governing the notes. In addition, a subsidiary guarantor will be released from its obligations under the indentures and its guarantee, upon the release or discharge of the guarantee of other Indebtedness (as defined in the indentures governing the notes) that resulted in the creation of such guarantee, except a release or discharge by or as a result of payment under such guarantee; if Antero designates such subsidiary as an unrestricted subsidiary and such designation complies with the other applicable provisions of the indentures governing the notes or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the notes. The following Condensed Consolidating Balance Sheets at December 31, 2017 and March 31, 2018, and the related Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2017 and 2018 and Condensed Consolidating Statements of Cash Flows for the three months ended March 31, 2017 and 2018 present financial information for Antero on a stand-alone basis (carrying its investment in subsidiaries using the equity method), financial information for the subsidiary guarantors, financial information for the non-guarantor subsidiaries, and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis. Antero’s wholly-owned subsidiaries are not restricted from making distributions to the Parent. Distributions received by Antero from Antero Midstream have been reclassified from investing activities to operating activities on the Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017. The reclassification is a result of the adoption of ASU No. 2016-05, Classification of Certain Cash Receipts and Cash Payments , which provides for an accounting policy election to account for distributions received from equity method investees under the “nature of distribution” approach. Condensed Consolidating Balance Sheet December 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 20,078 — 8,363 — 28,441 Accounts receivable, net 33,726 — 1,170 — 34,896 Intercompany receivables 6,459 — 110,182 (116,641) — Accrued revenue 300,122 — — — 300,122 Derivative instruments 460,685 — — — 460,685 Other current assets 8,273 — 670 — 8,943 Total current assets 829,343 — 120,385 (116,641) 833,087 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,266,673 — — — 2,266,673 Proved properties 11,460,615 — — (364,153) 11,096,462 Water handling and treatment systems — — 942,361 4,309 946,670 Gathering systems and facilities 17,929 — 2,032,561 — 2,050,490 Other property and equipment 57,429 — — — 57,429 13,802,646 — 2,974,922 (359,844) 16,417,724 Less accumulated depletion, depreciation, and amortization (2,812,851) — (369,320) — (3,182,171) Property and equipment, net 10,989,795 — 2,605,602 (359,844) 13,235,553 Derivative instruments 841,257 — — — 841,257 Investments in subsidiaries (573,926) — — 573,926 — Contingent acquisition consideration 208,014 — — (208,014) — Investments in unconsolidated affiliates — — 303,302 — 303,302 Other assets 35,371 — 12,920 — 48,291 Total assets $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Liabilities and Equity Current liabilities: Accounts payable $ 54,340 — 8,642 — 62,982 Intercompany payable 110,182 — 6,459 (116,641) — Accrued liabilities 338,819 — 106,006 (1,600) 443,225 Revenue distributions payable 209,617 — — — 209,617 Derivative instruments 28,476 — — — 28,476 Other current liabilities 17,587 — 209 — 17,796 Total current liabilities 759,021 — 121,316 (118,241) 762,096 Long-term liabilities: Long-term debt 3,604,090 — 1,196,000 — 4,800,090 Deferred income tax liability 779,645 — — — 779,645 Contingent acquisition consideration — — 208,014 (208,014) — Derivative instruments 207 — — — 207 Other liabilities 42,906 — 410 — 43,316 Total liabilities 5,185,869 — 1,525,740 (326,255) 6,385,354 Equity: Stockholders' equity: Partners' capital — — 1,516,469 (1,516,469) — Common stock 3,164 — — — 3,164 Additional paid-in capital 5,565,756 — — 1,005,196 6,570,952 Accumulated earnings 1,575,065 — — — 1,575,065 Total stockholders' equity 7,143,985 — 1,516,469 (511,273) 8,149,181 Noncontrolling interests in consolidated subsidiary — — — 726,955 726,955 Total equity 7,143,985 — 1,516,469 215,682 8,876,136 Total liabilities and equity $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Condensed Consolidating Balance Sheet March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 14,439 — 8,714 — 23,153 Accounts receivable, net 25,447 — 1,245 — 26,692 Intercompany receivables 2,765 — 111,001 (113,766) — Accrued revenue 279,923 — — — 279,923 Derivative instruments 459,892 — — — 459,892 Other current assets 9,217 — 1,157 — 10,374 Total current assets 791,683 — 122,117 (113,766) 800,034 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,265,727 — — — 2,265,727 Proved properties 11,902,297 — — (430,869) 11,471,428 Water handling and treatment systems — — 965,499 8,890 974,389 Gathering systems and facilities 17,825 — 2,114,978 — 2,132,803 Other property and equipment 59,499 — — — 59,499 14,245,348 — 3,080,477 (421,979) 16,903,846 Less accumulated depletion, depreciation, and amortization (3,008,346) — (401,752) — (3,410,098) Property and equipment, net 11,237,002 — 2,678,725 (421,979) 13,493,748 Derivative instruments 760,562 — — — 760,562 Investments in subsidiaries (629,293) — — 629,293 — Contingent acquisition consideration 211,888 — — (211,888) — Investments in unconsolidated affiliates — — 321,468 — 321,468 Other assets 33,245 — 13,792 — 47,037 Total assets $ 12,405,087 — 3,136,102 (118,340) 15,422,849 Liabilities and Equity Current liabilities: Accounts payable $ 65,845 — 7,376 — 73,221 Intercompany payable 111,001 — 2,765 (113,766) — Accrued liabilities 350,769 — 70,369 1,479 422,617 Revenue distributions payable 237,907 — — — 237,907 Derivative instruments 41,907 — — — 41,907 Other current liabilities 13,973 — 228 — 14,201 Total current liabilities 821,402 — 80,738 (112,287) 789,853 Long-term liabilities: Long-term debt 3,575,426 — 1,301,280 — 4,876,706 Deferred income tax liability 788,765 — — — 788,765 Contingent acquisition consideration — — 211,888 (211,888) — Other liabilities 42,990 — 3,437 — 46,427 Total liabilities 5,228,583 — 1,597,343 (324,175) 6,501,751 Equity: Stockholders' equity: Partners' capital — — 1,538,759 (1,538,759) — Common stock 3,165 — — — 3,165 Additional paid-in capital 5,583,441 — — 1,004,641 6,588,082 Accumulated earnings 1,589,898 — — — 1,589,898 Total stockholders' equity 7,176,504 — 1,538,759 (534,118) 8,181,145 Noncontrolling interests in consolidated subsidiary — — — 739,953 739,953 Total equity 7,176,504 — 1,538,759 205,835 8,921,098 Total liabilities and equity $ 12,405,087 — 3,136,102 (118,340) 15,422,849 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 466,664 — — — 466,664 Natural gas liquids sales 194,652 — — — 194,652 Oil sales 26,960 — — — 26,960 Commodity derivative gains 438,775 — — — 438,775 Gathering, compression, water handling and treatment — — 174,769 (172,165) 2,604 Marketing 65,924 — — — 65,924 Other income 4,440 — — (4,440) — Total revenue and other 1,197,415 — 174,769 (176,605) 1,195,579 Operating expenses: Lease operating 15,742 — 38,622 (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 — 8,114 (89,053) 266,829 Production and ad valorem taxes 23,975 — 818 — 24,793 Marketing 89,993 — — — 89,993 Exploration 2,107 — — — 2,107 Impairment of unproved properties 26,899 — — — 26,899 Depletion, depreciation, and amortization 175,193 — 27,536 — 202,729 Accretion of asset retirement obligations 637 — — — 637 General and administrative 51,056 — 14,457 (815) 64,698 Accretion of contingent acquisition consideration — — 3,526 (3,526) — Total operating expenses 733,370 — 93,073 (132,207) 694,236 Operating income 464,045 — 81,696 (44,398) 501,343 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 2,231 — 2,231 Interest (58,003) — (8,836) 169 (66,670) Equity in earnings (loss) of consolidated subsidiaries (6,300) — — 6,300 — Total other expenses (64,303) — (6,605) 6,469 (64,439) Income before income taxes 399,742 — 75,091 (37,929) 436,904 Provision for income tax expense (131,346) — — — (131,346) Net income and comprehensive income including noncontrolling interests 268,396 — 75,091 (37,929) 305,558 Net income and comprehensive income attributable to noncontrolling interests — — — 37,162 37,162 Net income and comprehensive income attributable to Antero Resources Corporation $ 268,396 — 75,091 (75,091) 268,396 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 497,663 — — — 497,663 Natural gas liquids sales 234,170 — — — 234,170 Oil sales 30,273 — — — 30,273 Commodity derivative gains 22,437 — — — 22,437 Gathering, compression, water handling and treatment — — 229,591 (224,656) 4,935 Marketing 144,389 — — — 144,389 Marketing derivative gains 94,234 — — — 94,234 Other income 5,875 — — (5,875) — Total revenue and other 1,029,041 — 229,591 (230,531) 1,028,101 Operating expenses: Lease operating 31,262 — 54,872 (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 — 11,368 (103,775) 291,938 Production and ad valorem taxes 24,807 — 1,016 — 25,823 Marketing 195,739 — — — 195,739 Exploration 1,885 — — — 1,885 Impairment of unproved properties 50,536 — — — 50,536 Depletion, depreciation, and amortization 195,812 — 32,432 — 228,244 Accretion of asset retirement obligations 656 — 34 — 690 General and administrative 46,420 — 14,455 (845) 60,030 Accretion of contingent acquisition consideration — — 3,874 (3,874) — Total operating expenses 931,462 — 118,051 (167,906) 881,607 Operating income 97,579 — 111,540 (62,625) 146,494 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,862 — 7,862 Interest (53,498) — (11,297) 369 (64,426) Equity in earnings (loss) of consolidated subsidiaries (20,128) — — 20,128 — Total other expenses (73,626) — (3,435) 20,497 (56,564) Income before income taxes 23,953 — 108,105 (42,128) 89,930 Provision for income tax expense (9,120) — — — (9,120) Net income and comprehensive income including noncontrolling interests 14,833 — 108,105 (42,128) 80,810 Net income and comprehensive income attributable to noncontrolling interests — — — 65,977 65,977 Net income and comprehensive income attributable to Antero Resources Corporation $ 14,833 — 108,105 (108,105) 14,833 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 268,396 — 75,091 (37,929) 305,558 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 175,830 — 27,536 — 203,366 Accretion of contingent acquisition consideration (3,526) — 3,526 — — Impairment of unproved properties 26,899 — — — 26,899 Commodity derivative gains (438,775) — — — (438,775) Gains on settled commodity derivatives 44,849 — — — 44,849 Deferred income tax expense 131,346 — — — 131,346 Equity-based compensation expense 19,217 — 6,286 — 25,503 Equity in earnings of unconsolidated affiliates — — (2,231) — (2,231) Equity in (earnings) loss of consolidated subsidiaries 6,300 — — (6,300) — Distributions of earnings from unconsolidated affiliates — — — — — Distributions from Antero Midstream 30,484 — — (30,484) — Other (544) — 631 — 87 Changes in current assets and liabilities 109,217 — (11,091) (789) 97,337 Net cash provided by operating activities 369,693 — 99,748 (75,502) 393,939 Cash flows used in investing activities: Additions to proved properties (49,664) — — — (49,664) Additions to unproved properties (55,542) — — — (55,542) Drilling and completion costs (351,943) — — 45,018 (306,925) Additions to water handling and treatment systems — — (36,954) — (36,954) Additions to gathering systems and facilities — — (66,559) — (66,559) Additions to other property and equipment (590) — — — (590) Investments in unconsolidated affiliates — — (159,889) — (159,889) Change in other assets (6,476) — (5,874) — (12,350) Net cash used in investing activities (464,215) — (269,276) 45,018 (688,473) Cash flows provided by (used in) financing activities: Issuance of common units by Antero Midstream — — 223,119 — 223,119 Borrowings (repayments) on bank credit facility, net 80,000 — (10,000) — 70,000 Distributions — — (57,633) 30,484 (27,149) Employee tax withholding for settlement of equity compensation awards (1,657) — — — (1,657) Other (1,389) — — — (1,389) Net cash provided by financing activities 76,954 — 155,486 30,484 262,924 Net decrease in cash and cash equivalents (17,568) — (14,042) — (31,610) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ — — — — — Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 14,833 — 108,105 (42,128) 80,810 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 196,468 — 32,466 — 228,934 Accretion of contingent acquisition consideration (3,874) — 3,874 — — Impairment of unproved properties 50,536 — — — 50,536 Commodity derivative gains (22,437) — — — (22,437) Gains on settled commodity derivatives 101,341 — — — 101,341 Marketing derivative gains (94,234) — — — (94,234) Gains on settled marketing derivatives 110,042 — — — 110,042 Deferred income tax expense 9,120 — — — 9,120 Equity-based compensation expense 14,945 — 6,211 — 21,156 Equity in (earnings) loss of consolidated subsidiaries 20,128 — — (20,128) — Equity in earnings of unconsolidated affiliates — — (7,862) — (7,862) Distributions of earnings from unconsolidated affiliates — — 7,085 — 7,085 Distributions from Antero Midstream 36,088 — — (36,088) — Other 279 — 690 — 969 Changes in current assets and liabilities 65,023 — (16,519) 7,585 56,089 Net cash provided by operating activities 498,258 — 134,050 (90,759) 541,549 Cash flows used in investing activities: Additions to unproved properties (49,569) — — — (49,569) Drilling and completion costs (420,627) — — 60,759 (359,868) Additions to water handling and treatment systems — — (34,197) (6,088) (40,285) Additions to gathering systems and facilities 104 — (93,774) — (93,670) Additions to other property and equipment (2,571) — — — (2,571) Investments in unconsolidated affiliates — — (17,389) — (17,389) Change in other assets 1,067 — (1,284) — (217) Net cash used in investing activities (471,596) — (146,644) 54,671 (563,569) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net (30,000) — 105,000 — 75,000 Distributions — — (92,003) 36,088 (55,915) Employee tax withholding for settlement of equity compensation awards (1,066) — (18) — (1,084) Other (1,235) — (34) — (1,269) Net cash provided by (used in) financing activities (32,301) — 12,945 36,088 16,732 Net increase (decrease) in cash and cash equivalents (5,639) — 351 — (5,288) Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ 14,439 — 8,714 — 23,153

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies
Basis of Presentation	(a) These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information and should be read in the context of the December 31, 2017 consolidated financial statements and notes thereto for a more complete understanding of the Company’s operations, financial position, and accounting policies. The December 31, 2017 consolidated financial statements have been filed with the Securities and Exchange Commission (“SEC”) in the Company’s 2017 Form 10-K. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of December 31, 2017 and March 31, 2018, the results of its operations for the three months ended March 31, 2017 and 2018, and its cash flows for the three months ended March 31, 2017 and 2018. The Company has no items of other comprehensive income or loss; therefore, its net income or loss is equal to its comprehensive income or loss. Operating results for the period ended March 31, 2018 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for natural gas, NGLs, and oil, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. The Company’s exploration and production activities are accounted for under the successful efforts method. As of the date these financial statements were filed with the SEC, the Company completed its evaluation of potential subsequent events for disclosure and no items requiring disclosure were identified.
Principles of Consolidation	(b) The accompanying condensed consolidated financial statements include the accounts of Antero, its wholly-owned subsidiaries, any entities in which the Company owns a controlling interest, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. We have determined that Antero Midstream is a VIE for which Antero is the primary beneficiary. Therefore, Antero Midstream’s accounts are included in the Company’s condensed consolidated financial statements. Antero is the primary beneficiary of Antero Midstream based on its power to direct the activities that most significantly impact Antero Midstream’s economic performance, and its obligation to absorb losses of, or right to receive benefits from, Antero Midstream that could be significant to Antero Midstream. In reaching the determination that Antero is the primary beneficiary of Antero Midstream, the Company considered the following: · Antero Midstream was formed to own, operate, and develop midstream energy assets to service Antero’s production and completion activities under long-term service contracts. · Antero owned 52.9% of the outstanding limited partner interests in Antero Midstream at March 31, 2018. · Antero Midstream GP LP (“AMGP”) indirectly controls the general partnership interest in Antero Midstream and directly controls Antero IDR Holdings LLC (“IDR LLC”), which owns the incentive distribution rights in Antero Midstream. However, AMGP has not provided, and is not expected to provide, financial support to Antero Midstream. Antero does not control AMGP and does not have any investment in AMGP. · Antero’s officers and management group also act as management of Antero Midstream and AMGP. · Antero and Antero Midstream have contracts with 20-year initial terms and automatic renewal provisions, whereby Antero has dedicated the rights for gathering and compression, and water delivery and treatment services to Antero Midstream. Such dedications cover a substantial portion of Antero’s current acreage and future acquired acreage, in each case, except for acreage that was already dedicated to other parties prior to entering into the service contracts or that was acquired subject to a pre-existing dedication. The contracts call for Antero to present, in advance, its drilling and completion plans in order for Antero Midstream to develop gathering and compression and water delivery and handling assets to service Antero’s operations. Consequently, the drilling and completion capital investment decisions made by Antero control the development and operation of all of Antero Midstream’s assets. Because of these contractual obligations and the capital requirements related to these obligations, Antero Midstream has and, for the foreseeable future, will devote substantially all of its resources to servicing Antero’s operations. · Revenues from Antero provide substantially all of Antero Midstream’s financial support and, therefore, its ability to finance its operations. · As a result of the long-term contractual commitment to support Antero’s substantial growth plans, Antero Midstream will be practically and physically constrained from providing any substantive amount of services to third-parties. All significant intercompany accounts and transactions have been eliminated in the Company’s condensed consolidated financial statements. Noncontrolling interest in the Company’s condensed consolidated financial statements represents the interests in Antero Midstream which are owned by the public and the incentive distribution rights in Antero Midstream. Noncontrolling interests in consolidated subsidiaries is included as a component of equity in the Company’s condensed consolidated balance sheets. Investments in entities for which the Company exercises significant influence, but not control, are accounted for under the equity method. Such investments are included in Investments in unconsolidated affiliates on the Company’s condensed consolidated balance sheets. Income from investees that are accounted for under the equity method is included in Equity in earnings of unconsolidated affiliates on the Company’s condensed consolidated statements of operations and cash flows.
Use of Estimates	(c) The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions which affect revenues, expenses, assets, and liabilities, as well as the disclosure of contingent assets and liabilities. Changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results could differ from those estimates. The Company’s condensed consolidated financial statements are based on a number of significant estimates including estimates of natural gas, NGLs, and oil reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates, by their nature, are inherently imprecise. Other items in the Company’s condensed consolidated financial statements which involve the use of significant estimates include derivative assets and liabilities, accrued revenue, deferred income taxes, equity-based compensation, asset retirement obligations, depreciation, amortization, and commitments and contingencies.
Risks and Uncertainties	(d) The markets for natural gas, NGLs, and oil have, and continue to, experience significant price fluctuations. Price fluctuations can result from variations in weather, levels of production, availability of transportation capacity to other regions of the country, the level of imports to and exports from the United States, and various other factors. Increases or decreases in the prices the Company receives for its production could have a significant impact on the Company’s future results of operations and reserve quantities.
Cash and Cash Equivalents	(e) The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. From time to time, the Company may be in the position of a “book overdraft” in which outstanding checks exceed cash and cash equivalents. The Company classifies book overdrafts within accounts payable within its condensed consolidated balance sheets, and classifies the change in accounts payable associated with book overdrafts as an operating activity within its condensed consolidated statements of cash flows.
Derivative Financial Instruments	(f) In order to manage its exposure to natural gas, NGLs, and oil price volatility, the Company enters into derivative transactions from time to time, which may include commodity swap agreements, basis swap agreements, collar agreements, and other similar agreements related to the price risk associated with the Company’s production. To the extent legal right of offset exists with a counterparty, the Company reports derivative assets and liabilities on a net basis. The Company has exposure to credit risk to the extent that the counterparty is unable to satisfy its settlement obligations. The Company actively monitors the creditworthiness of counterparties and assesses the impact, if any, on its derivative positions. The Company records derivative instruments on the condensed consolidated balance sheets as either assets or liabilities measured at fair value and records changes in the fair value of derivatives in current earnings as they occur. Changes in the fair value of commodity derivatives, including gains or losses on settled derivatives, are classified as revenues on the Company’s condensed consolidated statements of operations. The Company’s derivatives have not been designated as hedges for accounting purposes.
Asset Retirement Obligations Policy	(g) The Company is obligated to dispose of certain long‑lived assets upon their abandonment. The Company’s asset retirement obligations (“ARO”) relate primarily to its obligation to plug and abandon oil and gas wells at the end of their lives, as well as Antero Midstream’s future closure and postclosure costs associated with the landfill at its wastewater treatment facility. An ARO is recorded at its estimated fair value, measured by reference to the expected future cash outflows required to satisfy the retirement obligation, which is then discounted at the Company’s credit‑adjusted, risk‑free interest rate. Revisions to estimated AROs often result from changes in retirement cost estimates or changes in the estimated timing of abandonment. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The liability is accreted at the end of each period through charges to operating expense. If an obligation is settled for an amount other than the carrying amount of the liability, the Company will recognize a gain or loss on settlement.
Income Taxes	(h) For the three months ended March 31, 2017, the Company’s overall effective tax rate was different than the statutory rate of 35% primarily due to the effects of noncontrolling interest income, state tax rates, and permanent differences on vested equity compensation awards. For the three months ended March 31, 2018, the Company’s overall effective tax rate was different than the statutory rate of 21% primarily due to the effects of noncontrolling interest income, state tax rates, and permanent differences on vested equity compensation awards.
Industry Segments and Geographic Information	(i) Management has evaluated how the Company is organized and managed and has identified the following segments: (1) the exploration, development, and production of natural gas, NGLs, and oil; (2) gathering and processing; (3) water handling and treatment; and (4) marketing and utilization of excess firm transportation capacity. All of the Company’s assets are located in the United States and substantially all of its production revenues are attributable to customers located in the United States; however, some of the Company’s production revenues are attributable to customers who resell the Company’s production to third parties located in foreign countries.
Earnings (loss) per common share	(j) Earnings per common share —basic for each period is computed by dividing net income attributable to Antero by the basic weighted average number of shares outstanding during the period. Earnings per common share—assuming dilution for each period is computed after giving consideration to the potential dilution from outstanding equity awards, calculated using the treasury stock method. The Company includes performance share unit awards in the calculation of diluted weighted average shares outstanding based on the number of common shares that would be issuable if the end of the period was also the end of the performance period required for the vesting of the awards. During periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equal to basic weighted average shares outstanding because the effect of all equity awards is antidilutive. The following is a reconciliation of the Company’s basic weighted average shares outstanding to diluted weighted average shares outstanding during the periods presented (in thousands): Three Months Ended March 31, 2017 2018 Basic weighted average number of shares outstanding 314,954 316,471 Add: Dilutive effect of restricted stock units 770 401 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units 45 39 Diluted weighted average number of shares outstanding 315,769 316,911 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 1,509 421 Outstanding stock options 683 653 Performance stock units 660 1,189 (1) The potential dilutive effects of these awards were excluded from the computation of earnings per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.
Adoption of New Accounting Principle	(k) On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU replaced most existing revenue recognition guidance in GAAP when it became effective and was incorporated into GAAP as Accounting Standards Codification (“ASC”) Topic 606. The new standard became effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company elected the cumulative effect transition method. The adoption of this standard had no impact on the Company’s consolidated financial statements. See Note 4 to the condensed consolidated financial statements for the Company’s disclosures under ASC 606. (l) On February 25, 2016, the FASB issued ASU No. 2016-02, Leases , which requires lessees to present nearly all leasing arrangements on the balance sheet as liabilities along with a corresponding right-of-use asset. The ASU will replace most existing lease guidance in GAAP when it becomes effective. The new standard becomes effective for the Company on January 1, 2019. Although early application is permitted, the Company does not plan to early adopt the ASU. The standard requires the use of the modified retrospective transition method. The Company is evaluating the effect that ASU 2016-02 will have on its consolidated financial statements and related disclosures. Currently, the Company is evaluating the standard’s applicability to its various contractual arrangements. The Company believes that adoption of the standard will result in increases to its assets and liabilities on its consolidated balance sheet as well as changes to the presentation of certain operating expenses on its consolidated statement of operations, including the accelerated recognition of expenses attributable to certain of is leasing arrangements. However, the Company has not yet determined the extent of the adjustments that will be required upon implementation of the standard. The Company continues to monitor relevant industry guidance regarding the implementation of ASU 2016-02 and will adjust its implementation strategies as necessary. The Company does not believe that adoption of the standard will impact its operational strategies, growth prospects, or cash flows.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Summary of Significant Accounting Policies
Reconciliation of basic weighted average shares outstanding to diluted weighted average shares outstanding	Three Months Ended March 31, 2017 2018 Basic weighted average number of shares outstanding 314,954 316,471 Add: Dilutive effect of restricted stock units 770 401 Add: Dilutive effect of outstanding stock options — — Add: Dilutive effect of performance stock units 45 39 Diluted weighted average number of shares outstanding 315,769 316,911 Weighted average number of outstanding equity awards excluded from calculation of diluted earnings per common share(1): Restricted stock units 1,509 421 Outstanding stock options 683 653 Performance stock units 660 1,189 (1) The potential dilutive effects of these awards were excluded from the computation of earnings per common share—assuming dilution because the inclusion of these awards would have been anti-dilutive.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue
Schedule of disaggregation of revenue	In the following table, revenue is disaggregated by type (in thousands). The table also identifies the reportable segment to which the disaggregated revenues relate. For more information on reportable segments, see Note 15—Reportable Segments. Three Months Ended March 31, Segment to which 2017 2018 revenues relate Revenues from contracts with customers: Natural gas sales $ 466,664 $ 497,663 Exploration and production Natural gas liquids sales (ethane) 18,469 27,075 Exploration and production Natural gas liquids sales (C3+ NGLs) 176,183 207,095 Exploration and production Oil sales 26,960 30,273 Exploration and production Gathering and compression 2,539 4,145 Gathering and processing Water handling and treatment 65 790 Water handling and treatment Marketing 65,924 144,389 Marketing Total 756,804 911,430 Revenues from derivatives and other sources 438,775 116,671 Total revenue and other $ 1,195,579 $ 1,028,101

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Antero Midstream Partners LP
Equity Method Investments
Schedule of reconciliation of investments in unconsolidated affiliates	The following table is a reconciliation of investments in unconsolidated affiliates for the three months ended March 31, 2018 (in thousands): Stonewall MarkWest Total Balance at December 31, 2017 $ 67,128 236,174 303,302 Investments — 17,389 17,389 Equity in net income of unconsolidated affiliates 2,738 5,124 7,862 Distributions from unconsolidated affiliates (870) (6,215) (7,085) Balance at March 31, 2018 $ 68,996 252,472 321,468

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities as of December 31, 2017 and March 31, 2018 consisted of the following items (in thousands): December 31, 2017 March 31, 2018 Capital expenditures $ 155,300 123,911 Gathering, compression, processing, and transportation expenses 88,850 94,693 Marketing expenses 59,049 61,917 Interest expense 40,861 63,451 Other 99,165 78,645 $ 443,225 422,617

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Long-Term Debt.
Schedule of long-term debt	Long-term debt was as follows at December 31, 2017 and March 31, 2018 (in thousands): December 31, 2017 March 31, 2018 Antero Resources: Credit Facility(a) $ 185,000 155,000 5.375% senior notes due 2021(b) 1,000,000 1,000,000 5.125% senior notes due 2022(c) 1,100,000 1,100,000 5.625% senior notes due 2023(d) 750,000 750,000 5.00% senior notes due 2025(e) 600,000 600,000 Net unamortized premium 1,520 1,452 Net unamortized debt issuance costs (32,430) (31,026) Antero Midstream: Midstream Credit Facility(g) 555,000 660,000 5.375% senior notes due 2024(h) 650,000 650,000 Net unamortized debt issuance costs (9,000) (8,720) $ 4,800,090 4,876,706

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
Asset Retirement Obligations
Schedule of reconciliation of asset retirement obligations	The following is a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2018 (in thousands): Asset retirement obligations—December 31, 2017 $ 34,610 Obligations incurred 3,525 Accretion expense 690 Asset retirement obligations—March 31, 2018 $ 38,825

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Equity-Based Compensation
Schedule of equity-based compensation expense	The Company’s equity-based compensation expense, by type of award, was as follows for the three months ended March 31, 2017 and 2018 (in thousands): Three Months Ended March 31, 2017 2018 Restricted stock unit awards $ 18,225 13,444 Stock options 620 481 Performance share unit awards 2,135 2,511 Antero Midstream phantom unit awards 4,043 4,218 Equity awards issued to directors 480 502 Total expense $ 25,503 21,156
Summary of restricted stock and restricted stock unit awards activity	Weighted Aggregate Number of grant date intrinsic value Total awarded and unvested—December 31, 2017 3,424,084 $ 28.51 $ 65,058 Granted 63,313 $ 19.87 Vested (145,493) $ 28.42 Forfeited (119,599) $ 30.19 Total awarded and unvested—March 31, 2018 3,222,305 $ 28.28 $ 63,963
Summary of stock option activity	Weighted Weighted average Intrinsic Stock exercise contractual value Outstanding at December 31, 2017 660,512 $ 50.48 7.06 $ — Granted — $ — Exercised — $ — Forfeited (12,374) $ 50.00 Expired — $ — Outstanding at March 31, 2018 648,138 $ 50.49 6.82 $ — Vested or expected to vest as of March 31, 2018 648,138 $ 50.49 6.82 $ — Exercisable at March 31, 2018 367,065 $ 50.87 6.64 $ —
Summary of Performance Stock Unit activity	Number of Weighted Total awarded and unvested—December 31, 2017 1,283,843 $ 28.29 Granted — $ — Vested (41,666) $ 27.38 Forfeited (12,186) $ 29.83 Total awarded and unvested—March 31, 2018 1,229,991 $ 28.30
Schedule of outstanding unvested restricted stock awards vesting schedule	Number of Weighted Aggregate Total awarded and unvested—December 31, 2017 1,042,963 $ 28.69 $ 30,288 Granted 9,449 $ 31.75 Vested (1,491) $ 33.52 Forfeited (24,990) $ 28.96 Total awarded and unvested—March 31, 2018 1,025,931 $ 28.71 $ 26,561

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments.
Schedule of outstanding commodity derivatives	As of March 31, 2018, the Company’s fixed price natural gas, NGLs, and oil swap positions from April 1, 2018 through December 31, 2023 were as follows (abbreviations in the table refer to the index to which the swap position is tied, as follows: NYMEX=Henry Hub; Mont Belvieu-Propane=Mont Belvieu Propane; NYMEX-WTI=West Texas Intermediate): Natural gas Oil Natural Gas Weighted Three months ending June 30, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.42 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.76 Total 2,002,500 6,000 26,000 Three months ending September 30, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.45 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.76 Total 2,002,500 6,000 26,000 Three months ending December 31, 2018: NYMEX ($/MMBtu) 2,002,500 — — $ 3.53 NYMEX-WTI ($/Bbl) — 6,000 — $ 56.99 Mont Belvieu-Propane ($/Gallon) — — 26,000 $ 0.77 Total 2,002,500 6,000 26,000 Year ending December 31, 2019: NYMEX ($/MMBtu) 2,330,000 $ 3.50 Year ending December 31, 2020: NYMEX ($/MMBtu) 1,417,500 $ 3.25 Year ending December 31, 2021: NYMEX ($/MMBtu) 710,000 $ 3.00 Year ending December 31, 2022: NYMEX ($/MMBtu) 850,000 $ 3.00 Year ending December 31, 2023: NYMEX ($/MMBtu) 90,000 $ 2.91
Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes	December 31, 2017 March 31, 2018 Balance sheet Fair value Balance sheet Fair value (In thousands) (In thousands) Asset derivatives not designated as hedges for accounting purposes: Commodity derivatives - current Derivative instruments $ 460,685 Derivative instruments $ 459,892 Commodity derivatives - noncurrent Derivative instruments 841,257 Derivative instruments 760,562 Total asset derivatives 1,301,942 1,220,454 Liability derivatives not designated as hedges for accounting purposes: Marketing derivatives - current Derivative instruments 21,394 Derivative instruments 37,202 Commodity derivatives - current Derivative instruments 7,082 Derivative instruments 4,705 Commodity derivatives - noncurrent Derivative instruments 207 Derivative instruments — Total liability derivatives 28,683 41,907 Net derivatives $ 1,273,259 $ 1,178,547
Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts	The following table presents the gross values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands): December 31, 2017 March 31, 2018 Gross Gross amounts Net amounts Gross Gross amounts Net amounts Commodity derivative assets $ 1,367,554 (65,612) 1,301,942 $ 1,265,716 (45,262) 1,220,454 Commodity derivative liabilities $ (72,901) 65,612 (7,289) $ (49,967) 45,262 (4,705) Marketing derivative assets $ 311,083 (311,083) — $ — — — Marketing derivative liabilities $ (332,477) 311,083 (21,394) $ (37,202) — (37,202)
Summary of derivative fair value gains (losses)	The following is a summary of derivative fair value gains and where such values are recorded in the condensed consolidated statements of operations for the three months ended March 31, 2017 and 2018 (in thousands): Statement of Three months ended March 31, location 2017 2018 Commodity derivative gains Revenue $ 438,775 22,437 Marketing derivative gains Revenue $ — 94,234

Commitments (Tables)

Commitments (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments
Schedule of future minimum payments for firm transportation, drilling rig and completion services, gas processing, gathering and compression, office and equipment agreements, and leases that have remaining lease terms in excess of one year	Firm Processing, Drilling rigs and completion Office and equipment (in millions) (a) (b) (c) (d) Total Remainder of 2018 $ 653 338 54 11 1,056 2019 1,086 365 43 11 1,505 2020 1,106 383 — 10 1,499 2021 1,085 367 — 9 1,461 2022 1,033 364 — 8 1,405 2023 1,021 355 — 7 1,383 Thereafter 8,588 1,568 — 49 10,205 Total $ 14,572 3,740 97 105 18,514

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Information
Schedule of operating results and assets of reportable segments	The operating results and assets of the Company’s reportable segments were as follows for the three months ended March 31, 2017 and 2018 (in thousands): Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2017: Sales and revenues: Third-party $ 1,127,051 2,539 65 65,924 — 1,195,579 Intersegment 4,440 89,120 83,045 — (176,605) — Total $ 1,131,491 91,659 83,110 65,924 (176,605) 1,195,579 Operating expenses: Lease operating $ 15,742 — 38,622 — (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 8,114 — — (89,053) 266,829 Depletion, depreciation, and amortization 174,969 19,924 7,836 — — 202,729 General and administrative 51,056 10,138 4,319 — (815) 64,698 Other 53,618 — 4,344 89,993 (3,526) 144,429 Total 643,153 38,176 55,121 89,993 (132,207) 694,236 Operating income (loss) $ 488,338 53,483 27,989 (24,069) (44,398) 501,343 Equity in earnings of unconsolidated affiliates $ — 2,231 — — — 2,231 Segment assets $ 12,989,013 1,941,668 645,943 27,730 (715,700) 14,888,654 Capital expenditures for segment assets $ 457,739 66,559 36,954 — (45,018) 516,234 Exploration Gathering and Water handling and treatment Marketing Elimination of Consolidated Three months ended March 31, 2018: Sales and revenues: Third-party $ 784,543 4,145 790 238,623 — 1,028,101 Intersegment 5,875 104,032 120,624 — (230,531) — Total $ 790,418 108,177 121,414 238,623 (230,531) 1,028,101 Operating expenses: Lease operating $ 31,262 — 54,872 — (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 11,368 — — (103,775) 291,938 Depletion, depreciation, and amortization 195,588 23,638 9,018 — — 228,244 General and administrative 46,420 10,362 4,093 — (845) 60,030 Other 77,884 14 4,910 195,739 (3,874) 274,673 Total 735,499 45,382 72,893 195,739 (167,906) 881,607 Operating income (loss) $ 54,919 62,795 48,521 42,884 (62,625) 146,494 Equity in earnings of unconsolidated affiliates $ — 7,862 — — — 7,862 Segment assets $ 13,200,108 2,217,115 933,909 41,548 (969,831) 15,422,849 Capital expenditures for segment assets $ 472,767 93,670 40,285 — (60,759) 545,963

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	3 Months Ended
	Mar. 31, 2018
Subsidiary Guarantors
Schedule of condensed consolidated balance sheets	Condensed Consolidating Balance Sheet December 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 20,078 — 8,363 — 28,441 Accounts receivable, net 33,726 — 1,170 — 34,896 Intercompany receivables 6,459 — 110,182 (116,641) — Accrued revenue 300,122 — — — 300,122 Derivative instruments 460,685 — — — 460,685 Other current assets 8,273 — 670 — 8,943 Total current assets 829,343 — 120,385 (116,641) 833,087 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,266,673 — — — 2,266,673 Proved properties 11,460,615 — — (364,153) 11,096,462 Water handling and treatment systems — — 942,361 4,309 946,670 Gathering systems and facilities 17,929 — 2,032,561 — 2,050,490 Other property and equipment 57,429 — — — 57,429 13,802,646 — 2,974,922 (359,844) 16,417,724 Less accumulated depletion, depreciation, and amortization (2,812,851) — (369,320) — (3,182,171) Property and equipment, net 10,989,795 — 2,605,602 (359,844) 13,235,553 Derivative instruments 841,257 — — — 841,257 Investments in subsidiaries (573,926) — — 573,926 — Contingent acquisition consideration 208,014 — — (208,014) — Investments in unconsolidated affiliates — — 303,302 — 303,302 Other assets 35,371 — 12,920 — 48,291 Total assets $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Liabilities and Equity Current liabilities: Accounts payable $ 54,340 — 8,642 — 62,982 Intercompany payable 110,182 — 6,459 (116,641) — Accrued liabilities 338,819 — 106,006 (1,600) 443,225 Revenue distributions payable 209,617 — — — 209,617 Derivative instruments 28,476 — — — 28,476 Other current liabilities 17,587 — 209 — 17,796 Total current liabilities 759,021 — 121,316 (118,241) 762,096 Long-term liabilities: Long-term debt 3,604,090 — 1,196,000 — 4,800,090 Deferred income tax liability 779,645 — — — 779,645 Contingent acquisition consideration — — 208,014 (208,014) — Derivative instruments 207 — — — 207 Other liabilities 42,906 — 410 — 43,316 Total liabilities 5,185,869 — 1,525,740 (326,255) 6,385,354 Equity: Stockholders' equity: Partners' capital — — 1,516,469 (1,516,469) — Common stock 3,164 — — — 3,164 Additional paid-in capital 5,565,756 — — 1,005,196 6,570,952 Accumulated earnings 1,575,065 — — — 1,575,065 Total stockholders' equity 7,143,985 — 1,516,469 (511,273) 8,149,181 Noncontrolling interests in consolidated subsidiary — — — 726,955 726,955 Total equity 7,143,985 — 1,516,469 215,682 8,876,136 Total liabilities and equity $ 12,329,854 — 3,042,209 (110,573) 15,261,490 Condensed Consolidating Balance Sheet March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 14,439 — 8,714 — 23,153 Accounts receivable, net 25,447 — 1,245 — 26,692 Intercompany receivables 2,765 — 111,001 (113,766) — Accrued revenue 279,923 — — — 279,923 Derivative instruments 459,892 — — — 459,892 Other current assets 9,217 — 1,157 — 10,374 Total current assets 791,683 — 122,117 (113,766) 800,034 Property and equipment: Natural gas properties, at cost (successful efforts method): Unproved properties 2,265,727 — — — 2,265,727 Proved properties 11,902,297 — — (430,869) 11,471,428 Water handling and treatment systems — — 965,499 8,890 974,389 Gathering systems and facilities 17,825 — 2,114,978 — 2,132,803 Other property and equipment 59,499 — — — 59,499 14,245,348 — 3,080,477 (421,979) 16,903,846 Less accumulated depletion, depreciation, and amortization (3,008,346) — (401,752) — (3,410,098) Property and equipment, net 11,237,002 — 2,678,725 (421,979) 13,493,748 Derivative instruments 760,562 — — — 760,562 Investments in subsidiaries (629,293) — — 629,293 — Contingent acquisition consideration 211,888 — — (211,888) — Investments in unconsolidated affiliates — — 321,468 — 321,468 Other assets 33,245 — 13,792 — 47,037 Total assets $ 12,405,087 — 3,136,102 (118,340) 15,422,849 Liabilities and Equity Current liabilities: Accounts payable $ 65,845 — 7,376 — 73,221 Intercompany payable 111,001 — 2,765 (113,766) — Accrued liabilities 350,769 — 70,369 1,479 422,617 Revenue distributions payable 237,907 — — — 237,907 Derivative instruments 41,907 — — — 41,907 Other current liabilities 13,973 — 228 — 14,201 Total current liabilities 821,402 — 80,738 (112,287) 789,853 Long-term liabilities: Long-term debt 3,575,426 — 1,301,280 — 4,876,706 Deferred income tax liability 788,765 — — — 788,765 Contingent acquisition consideration — — 211,888 (211,888) — Other liabilities 42,990 — 3,437 — 46,427 Total liabilities 5,228,583 — 1,597,343 (324,175) 6,501,751 Equity: Stockholders' equity: Partners' capital — — 1,538,759 (1,538,759) — Common stock 3,165 — — — 3,165 Additional paid-in capital 5,583,441 — — 1,004,641 6,588,082 Accumulated earnings 1,589,898 — — — 1,589,898 Total stockholders' equity 7,176,504 — 1,538,759 (534,118) 8,181,145 Noncontrolling interests in consolidated subsidiary — — — 739,953 739,953 Total equity 7,176,504 — 1,538,759 205,835 8,921,098 Total liabilities and equity $ 12,405,087 — 3,136,102 (118,340) 15,422,849
Schedule of condensed consolidated statement of operations and comprehensive income (loss)	Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 466,664 — — — 466,664 Natural gas liquids sales 194,652 — — — 194,652 Oil sales 26,960 — — — 26,960 Commodity derivative gains 438,775 — — — 438,775 Gathering, compression, water handling and treatment — — 174,769 (172,165) 2,604 Marketing 65,924 — — — 65,924 Other income 4,440 — — (4,440) — Total revenue and other 1,197,415 — 174,769 (176,605) 1,195,579 Operating expenses: Lease operating 15,742 — 38,622 (38,813) 15,551 Gathering, compression, processing, and transportation 347,768 — 8,114 (89,053) 266,829 Production and ad valorem taxes 23,975 — 818 — 24,793 Marketing 89,993 — — — 89,993 Exploration 2,107 — — — 2,107 Impairment of unproved properties 26,899 — — — 26,899 Depletion, depreciation, and amortization 175,193 — 27,536 — 202,729 Accretion of asset retirement obligations 637 — — — 637 General and administrative 51,056 — 14,457 (815) 64,698 Accretion of contingent acquisition consideration — — 3,526 (3,526) — Total operating expenses 733,370 — 93,073 (132,207) 694,236 Operating income 464,045 — 81,696 (44,398) 501,343 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 2,231 — 2,231 Interest (58,003) — (8,836) 169 (66,670) Equity in earnings (loss) of consolidated subsidiaries (6,300) — — 6,300 — Total other expenses (64,303) — (6,605) 6,469 (64,439) Income before income taxes 399,742 — 75,091 (37,929) 436,904 Provision for income tax expense (131,346) — — — (131,346) Net income and comprehensive income including noncontrolling interests 268,396 — 75,091 (37,929) 305,558 Net income and comprehensive income attributable to noncontrolling interests — — — 37,162 37,162 Net income and comprehensive income attributable to Antero Resources Corporation $ 268,396 — 75,091 (75,091) 268,396 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Revenue and other: Natural gas sales $ 497,663 — — — 497,663 Natural gas liquids sales 234,170 — — — 234,170 Oil sales 30,273 — — — 30,273 Commodity derivative gains 22,437 — — — 22,437 Gathering, compression, water handling and treatment — — 229,591 (224,656) 4,935 Marketing 144,389 — — — 144,389 Marketing derivative gains 94,234 — — — 94,234 Other income 5,875 — — (5,875) — Total revenue and other 1,029,041 — 229,591 (230,531) 1,028,101 Operating expenses: Lease operating 31,262 — 54,872 (59,412) 26,722 Gathering, compression, processing, and transportation 384,345 — 11,368 (103,775) 291,938 Production and ad valorem taxes 24,807 — 1,016 — 25,823 Marketing 195,739 — — — 195,739 Exploration 1,885 — — — 1,885 Impairment of unproved properties 50,536 — — — 50,536 Depletion, depreciation, and amortization 195,812 — 32,432 — 228,244 Accretion of asset retirement obligations 656 — 34 — 690 General and administrative 46,420 — 14,455 (845) 60,030 Accretion of contingent acquisition consideration — — 3,874 (3,874) — Total operating expenses 931,462 — 118,051 (167,906) 881,607 Operating income 97,579 — 111,540 (62,625) 146,494 Other income (expenses): Equity in earnings of unconsolidated affiliates — — 7,862 — 7,862 Interest (53,498) — (11,297) 369 (64,426) Equity in earnings (loss) of consolidated subsidiaries (20,128) — — 20,128 — Total other expenses (73,626) — (3,435) 20,497 (56,564) Income before income taxes 23,953 — 108,105 (42,128) 89,930 Provision for income tax expense (9,120) — — — (9,120) Net income and comprehensive income including noncontrolling interests 14,833 — 108,105 (42,128) 80,810 Net income and comprehensive income attributable to noncontrolling interests — — — 65,977 65,977 Net income and comprehensive income attributable to Antero Resources Corporation $ 14,833 — 108,105 (108,105) 14,833
Schedule of condensed consolidated statement of cash flows	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2017 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 268,396 — 75,091 (37,929) 305,558 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 175,830 — 27,536 — 203,366 Accretion of contingent acquisition consideration (3,526) — 3,526 — — Impairment of unproved properties 26,899 — — — 26,899 Commodity derivative gains (438,775) — — — (438,775) Gains on settled commodity derivatives 44,849 — — — 44,849 Deferred income tax expense 131,346 — — — 131,346 Equity-based compensation expense 19,217 — 6,286 — 25,503 Equity in earnings of unconsolidated affiliates — — (2,231) — (2,231) Equity in (earnings) loss of consolidated subsidiaries 6,300 — — (6,300) — Distributions of earnings from unconsolidated affiliates — — — — — Distributions from Antero Midstream 30,484 — — (30,484) — Other (544) — 631 — 87 Changes in current assets and liabilities 109,217 — (11,091) (789) 97,337 Net cash provided by operating activities 369,693 — 99,748 (75,502) 393,939 Cash flows used in investing activities: Additions to proved properties (49,664) — — — (49,664) Additions to unproved properties (55,542) — — — (55,542) Drilling and completion costs (351,943) — — 45,018 (306,925) Additions to water handling and treatment systems — — (36,954) — (36,954) Additions to gathering systems and facilities — — (66,559) — (66,559) Additions to other property and equipment (590) — — — (590) Investments in unconsolidated affiliates — — (159,889) — (159,889) Change in other assets (6,476) — (5,874) — (12,350) Net cash used in investing activities (464,215) — (269,276) 45,018 (688,473) Cash flows provided by (used in) financing activities: Issuance of common units by Antero Midstream — — 223,119 — 223,119 Borrowings (repayments) on bank credit facility, net 80,000 — (10,000) — 70,000 Distributions — — (57,633) 30,484 (27,149) Employee tax withholding for settlement of equity compensation awards (1,657) — — — (1,657) Other (1,389) — — — (1,389) Net cash provided by financing activities 76,954 — 155,486 30,484 262,924 Net decrease in cash and cash equivalents (17,568) — (14,042) — (31,610) Cash and cash equivalents, beginning of period 17,568 — 14,042 — 31,610 Cash and cash equivalents, end of period $ — — — — — Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2018 (In thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 14,833 — 108,105 (42,128) 80,810 Adjustment to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization, and accretion 196,468 — 32,466 — 228,934 Accretion of contingent acquisition consideration (3,874) — 3,874 — — Impairment of unproved properties 50,536 — — — 50,536 Commodity derivative gains (22,437) — — — (22,437) Gains on settled commodity derivatives 101,341 — — — 101,341 Marketing derivative gains (94,234) — — — (94,234) Gains on settled marketing derivatives 110,042 — — — 110,042 Deferred income tax expense 9,120 — — — 9,120 Equity-based compensation expense 14,945 — 6,211 — 21,156 Equity in (earnings) loss of consolidated subsidiaries 20,128 — — (20,128) — Equity in earnings of unconsolidated affiliates — — (7,862) — (7,862) Distributions of earnings from unconsolidated affiliates — — 7,085 — 7,085 Distributions from Antero Midstream 36,088 — — (36,088) — Other 279 — 690 — 969 Changes in current assets and liabilities 65,023 — (16,519) 7,585 56,089 Net cash provided by operating activities 498,258 — 134,050 (90,759) 541,549 Cash flows used in investing activities: Additions to unproved properties (49,569) — — — (49,569) Drilling and completion costs (420,627) — — 60,759 (359,868) Additions to water handling and treatment systems — — (34,197) (6,088) (40,285) Additions to gathering systems and facilities 104 — (93,774) — (93,670) Additions to other property and equipment (2,571) — — — (2,571) Investments in unconsolidated affiliates — — (17,389) — (17,389) Change in other assets 1,067 — (1,284) — (217) Net cash used in investing activities (471,596) — (146,644) 54,671 (563,569) Cash flows provided by (used in) financing activities: Borrowings (repayments) on bank credit facility, net (30,000) — 105,000 — 75,000 Distributions — — (92,003) 36,088 (55,915) Employee tax withholding for settlement of equity compensation awards (1,066) — (18) — (1,084) Other (1,235) — (34) — (1,269) Net cash provided by (used in) financing activities (32,301) — 12,945 36,088 16,732 Net increase (decrease) in cash and cash equivalents (5,639) — 351 — (5,288) Cash and cash equivalents, beginning of period 20,078 — 8,363 — 28,441 Cash and cash equivalents, end of period $ 14,439 — 8,714 — 23,153

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) $ in Millions	3 Months Ended		15 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018
Basis of Presentation
Other comprehensive income (loss)	$ 0	$ 0
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream	52.90%
Term of contract with Antero Midstream	20 years
Antero Midstream Partners LP
Basis of Presentation
Antero Resources ownership in Antero Midstream			52.90%

Summary of Significant Accoun37

Summary of Significant Accounting Policies - EPS and New Accounting Principle (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings per share
Basic weighted average number of shares outstanding	316,471	314,954
Diluted weighted average number of shares outstanding	316,911	315,769
U.S. Statutory federal income tax rate (as a percent)	21.00%	35.00%
Employee tax withholding for settlement of equity compensation awards	$ (1,084)	$ (1,657)
Restricted stock and restricted stock unit
Earnings per share
Add: Dilutive effect of non-vested restricted stock units	401	770
Weighted Average Anti-dilutive Awards	421	1,509
Stock options
Earnings per share
Weighted Average Anti-dilutive Awards	653	683
Performance share unit awards
Earnings per share
Add: Dilutive effect of non-vested restricted stock units	39	45
Weighted Average Anti-dilutive Awards	1,189	660

Antero Midstream Partners LP (D

Antero Midstream Partners LP (Details) $ in Thousands	Feb. 10, 2017USD ($)shares	Sep. 23, 2015USD ($)bbl	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Feb. 06, 2017
Antero Midstream Partners LP
Investments in unconsolidated affiliates			$ 321,468		$ 321,468	$ 303,302
Equity in earnings of unconsolidated affiliate			7,862	$ 2,231
Consideration:
Amount borrowed on bank credit facility			75,000	$ 70,000
Antero Midstream Partners LP
Antero Midstream Partners LP
Equity in earnings of unconsolidated affiliate			7,862
Number of shares of common stock issued (in shares) | shares	6,900,000
Antero Resources ownership in Antero Midstream					52.90%
Equity Transactions
Proceeds from issuance of common units	$ 223,000
Antero Midstream Partners LP | Contingent Consideration Period One
Consideration:
Contingent consideration		$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl		176,295,000
Antero Midstream Partners LP | Contingent Consideration Period Two
Consideration:
Contingent consideration		$ 125,000
Threshold number of barrels of water to trigger contingent consideration payment | bbl		219,200,000
Antero Midstream Partners LP | At the Market Program
Equity Transactions
Remaining capacity under equity distribution agreement			157,300		$ 157,300
Antero Midstream Partners LP | Maximum | At the Market Program
Equity Transactions
Aggregate dollar amount of common units available for issuance and sale under equity distribution agreement			250,000
MarkWest | Antero Midstream Partners LP
Antero Midstream Partners LP
Equity in earnings of unconsolidated affiliate			$ 5,124
Antero Midstream Partners LP
Antero Midstream Partners LP
Antero Resources ownership in Antero Midstream			52.90%
Appalachia joint venture
Antero Midstream Partners LP
Ownership percentage							50.00%

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue
Term of Receivables	1 month
Revenues from contracts with customers	$ 911,430	$ 756,804
Revenues from derivatives and other sources	116,671	438,775
Total revenue	1,028,101	1,195,579
Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	497,663	466,664
Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	30,273	26,960
Marketing
Disaggregation of Revenue
Revenues from contracts with customers	144,389	65,924
Exploration and production
Disaggregation of Revenue
Total revenue	784,543	1,127,051
Exploration and production | Natural gas sales
Disaggregation of Revenue
Revenues from contracts with customers	497,663	466,664
Exploration and production | Natural gas liquids sales (ethane)
Disaggregation of Revenue
Revenues from contracts with customers	27,075	18,469
Exploration and production | Natural gas liquids sales (C3+ NGLs)
Disaggregation of Revenue
Revenues from contracts with customers	207,095	176,183
Exploration and production | Oil sales
Disaggregation of Revenue
Revenues from contracts with customers	30,273	26,960
Gathering and compression
Disaggregation of Revenue
Total revenue	4,145	2,539
Gathering and compression | Gathering and compression
Disaggregation of Revenue
Revenues from contracts with customers	4,145	2,539
Water handling and treatment
Disaggregation of Revenue
Total revenue	790	65
Water handling and treatment | Water handling and treatment
Disaggregation of Revenue
Revenues from contracts with customers	790	65
Marketing
Disaggregation of Revenue
Total revenue	238,623	65,924
Marketing | Marketing
Disaggregation of Revenue
Revenues from contracts with customers	$ 144,389	$ 65,924

Revenue - Transaction Price All

Revenue - Transaction Price Allocation and Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Revenue
Original expected duration	true
Receivables from contracts with customers	$ 280	$ 300

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Thousands	Feb. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2016
Investments in unconsolidated affiliates
Equity in earnings of unconsolidated affiliate		$ 7,862	$ 2,231
Distributions from unconsolidated affiliates		(7,085)
Antero Midstream Partners LP
Investments in unconsolidated affiliates
Balance at beginning of period		303,302
Investments		17,389
Equity in earnings of unconsolidated affiliate		7,862
Distributions from unconsolidated affiliates		(7,085)
Balance at end of period		321,468
Antero Midstream Partners LP | Stonewall
Equity Method Investments
Ownership percentage				15.00%
Investments in unconsolidated affiliates
Balance at beginning of period		67,128
Equity in earnings of unconsolidated affiliate		2,738
Distributions from unconsolidated affiliates		(870)
Balance at end of period		68,996
Antero Midstream Partners LP | Appalachia joint venture
Equity Method Investments
Percentage of interest held by joint venture in third party fractionator in Ohio	33.33%
Antero Midstream Partners LP | MarkWest
Investments in unconsolidated affiliates
Balance at beginning of period		236,174
Investments		17,389
Equity in earnings of unconsolidated affiliate		5,124
Distributions from unconsolidated affiliates		(6,215)
Balance at end of period		$ 252,472
Antero Midstream Partners LP | MarkWest | Appalachia joint venture
Equity Method Investments
Ownership percentage	50.00%

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accrued Liabilities
Accrued capital expenditures	$ 123,911	$ 155,300
Accrued gathering, compression, processing, and transportation expenses	94,693	88,850
Accrued marketing expenses	61,917	59,049
Accrued interest expense	63,451	40,861
Other accrued liabilities	78,645	99,165
Total accrued liabilities	$ 422,617	$ 443,225

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Oct. 26, 2017	Mar. 31, 2018	Dec. 31, 2017	Dec. 21, 2016	Sep. 13, 2016	Mar. 17, 2015	Sep. 18, 2014	May 06, 2014	Nov. 05, 2013
Long- term Debt
Net unamortized premium		$ 1,452,000	$ 1,520,000
Net unamortized debt issuance costs		(31,026,000)	(32,430,000)
Long-term debt		4,876,706,000	4,800,090,000
Antero Midstream Partners LP
Long- term Debt
Net unamortized debt issuance costs		(8,720,000)	(9,000,000)
Outstanding letters of credit		0
Midstream Credit Facility | Antero Midstream Partners LP
Long- term Debt
Bank credit facility long-term debt		660,000,000	$ 555,000,000
Maximum amount of the Credit Facility		$ 1,500,000,000
Weighted average interest rate (as a percent)		2.95%	2.81%
Midstream Credit Facility | Minimum
Long- term Debt
Commitment fees on the unused portion during an Investment Grade period (as a percent)	0.175%
Midstream Credit Facility | Minimum | Antero Midstream Partners LP
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.25%
Midstream Credit Facility | Minimum | Not Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		25.00%
Midstream Credit Facility | Minimum | Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		12.50%
Midstream Credit Facility | Maximum
Long- term Debt
Commitment fees on the unused portion during an Investment Grade period (as a percent)	0.375%
Midstream Credit Facility | Maximum | Antero Midstream Partners LP
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.375%
Midstream Credit Facility | Maximum | Not Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		225.00%
Midstream Credit Facility | Maximum | Investment Grade Period | Antero Midstream Partners LP
Long- term Debt
Basis points added to the reference rate		200.00%
Credit Facility
Long- term Debt
Bank credit facility long-term debt		$ 155,000,000	$ 185,000,000
Current borrowing base		4,500,000,000
Lender commitments		$ 2,500,000,000
Time period prior to maturity date of senior notes as one option for maturity date of Credit Facility	91 years
Weighted average interest rate (as a percent)		2.90%	2.96%
Outstanding letters of credit		$ 692,000,000	$ 705,000,000
Credit Facility | Minimum
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.30%
Commitment fees on the unused portion during an Investment Grade period (as a percent)		0.15%
Credit Facility | Minimum | Not Investment Grade Period
Long- term Debt
Basis points added to the reference rate		25.00%
Credit Facility | Minimum | Investment Grade Period
Long- term Debt
Basis points added to the reference rate		12.50%
Credit Facility | Maximum
Long- term Debt
Commitment fees on the unused portion during any period that is not an Investment Grade Period (as a percent)		0.375%
Commitment fees on the unused portion during an Investment Grade period (as a percent)		0.30%
Credit Facility | Maximum | Not Investment Grade Period
Long- term Debt
Basis points added to the reference rate		225.00%
Credit Facility | Maximum | Investment Grade Period
Long- term Debt
Basis points added to the reference rate		175.00%
5.375% senior notes due 2021
Long- term Debt
Long-term notes payable		$ 1,000,000,000	1,000,000,000
Interest rate (as a percent)									5.375%
Senior notes issued									$ 1,000,000,000
Issue price as percentage of par value									100.00%
Redemption price		102.688%
Redemption price at which notes may be required to be repurchased in event of change of control		101.00%
5.375% senior notes due 2021 | On or after November 1, 2019
Long- term Debt
Redemption price		100.00%
Stand-alone revolving note
Long- term Debt
Maximum amount of the Credit Facility		$ 25,000,000
Outstanding balance		$ 0	0
Stand-alone revolving note | Lender's Prime Rate
Long- term Debt
Basis spread on variable rate (as a percent)		1.00%
5.125 senior notes due 2022
Long- term Debt
Long-term notes payable		$ 1,100,000,000	1,100,000,000
Interest rate (as a percent)								5.125%
Senior notes issued							$ 500,000,000	$ 600,000,000
Issue price as percentage of par value							100.50%	100.00%
Redemption price		103.844%
Redemption price at which notes may be required to be repurchased in event of change of control		101.00%
5.125 senior notes due 2022 | On or after June 1, 2020
Long- term Debt
Redemption price		100.00%
5.625% senior notes due 2023
Long- term Debt
Long-term notes payable		$ 750,000,000	750,000,000
Interest rate (as a percent)						5.625%
Senior notes issued						$ 750,000,000
Issue price as percentage of par value						100.00%
Redemption price at which notes may be required to be repurchased in event of change of control		101.00%
5.625% senior notes due 2023 | On Or Before June 1, 2018
Long- term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings		35.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)		105.625%
5.625% senior notes due 2023 | On or after June 1, 2018
Long- term Debt
Redemption price		104.219%
5.625% senior notes due 2023 | On Or After June 1, 2021
Long- term Debt
Redemption price		100.00%
5.625% senior notes due 2023 | Prior to June 1, 2018
Long- term Debt
Redemption price		100.00%
5.375% senior notes due 2024 | Antero Midstream Partners LP
Long- term Debt
Long-term notes payable		$ 650,000,000	650,000,000
Interest rate (as a percent)					5.375%
Senior notes issued					$ 650,000,000
Issue price as percentage of par value					100.00%
Redemption price at which notes may be required to be repurchased in event of change of control		101.00%
5.375% senior notes due 2024 | On or after September 15, 2019 | Antero Midstream Partners LP
Long- term Debt
Redemption price		104.031%
5.375% senior notes due 2024 | On or after September 15, 2022 | Antero Midstream Partners LP
Long- term Debt
Redemption price		100.00%
5.375% senior notes due 2024 | On or before September 15, 2019 | Antero Midstream Partners LP
Long- term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings		35.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)		105.375%
5.375% senior notes due 2024 | Prior to September 15, 2019 | Antero Midstream Partners LP
Long- term Debt
Redemption price		100.00%
5.00% senior notes due 2025
Long- term Debt
Long-term notes payable		$ 600,000,000	$ 600,000,000	$ 600,000,000
Interest rate (as a percent)				5.00%
Issue price as percentage of par value				100.00%
Redemption price at which notes may be required to be repurchased in event of change of control		101.00%
5.00% senior notes due 2025 | Prior to March 1, 2020
Long- term Debt
Redemption price		100.00%
5.00% senior notes due 2025 | On or before March 1, 2020
Long- term Debt
Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings		35.00%
Redemption price of the debt instrument if redeemed with the proceeds of certain equity offerings (as a percent)		105.00%
5.00% senior notes due 2025 | On or after March 1, 2020
Long- term Debt
Redemption price		103.75%
5.00% senior notes due 2025 | On or after March1, 2023
Long- term Debt
Redemption price		100.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Asset Retirement Obligations
Asset retirement obligations - beginning of period	$ 34,610
Obligations incurred for wells drilled and producing properties acquired	3,525
Accretion expense	690	$ 637
Asset retirement obligations - end of period	$ 38,825

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense
Number of stock-based compensation awards authorized	16,906,500
Number of shares available for future grant under the Plan	8,524,884
Equity based compensation expense recognized	$ 21,156	$ 25,503
Midstream Plan
Stock-based compensation expense
Number of stock-based compensation awards authorized	10,000,000
Number of shares available for future grant under the Plan	7,876,693
Restricted stock awards
Stock-based compensation expense
Equity based compensation expense recognized	$ 13,444	18,225
Performance share unit awards
Stock-based compensation expense
Equity based compensation expense recognized	2,511	2,135
Stock options
Stock-based compensation expense
Equity based compensation expense recognized	481	620
Antero Midstream Partners Phantom Unit Awards
Stock-based compensation expense
Equity based compensation expense recognized	4,218	4,043
Equity awards issued to directors
Stock-based compensation expense
Equity based compensation expense recognized	$ 502	$ 480

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock and RSU Awards (Details) - Restricted stock and restricted stock unit $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Number of shares
Total granted and unvested at the beginning of the period (in shares) | shares	3,424,084
Granted (in shares) | shares	63,313
Vested (in shares) | shares	(145,493)
Forfeited (in shares) | shares	(119,599)
Total awarded and unvested at the end of the period (in shares) | shares	3,222,305
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.51
Granted (in dollars per share) | $ / shares	19.87
Vested (in dollars per share) | $ / shares	28.42
Forfeited (in dollars per share) | $ / shares	30.19
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.28
Aggregate intrinsic value
Total awarded and unvested at the beginning of the period | $	$ 65,058
Total awarded and unvested at the end of the period | $	63,963
Additional equity compensation to be recognized over the remaining period | $	$ 50,500
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 8 months 12 days

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Stock options
Outstanding at the beginning of the period (in shares)	660,512
Options forfeited (in shares)	(12,374)
Outstanding at the end of the period (in shares)	648,138	660,512
Vested or expected to vest (in shares)	648,138
Exercisable (in shares)	367,065
Weighted average exercise price
Outstanding at the beginning of the period (in dollars per share)	$ 50.48
Options forfeited (in dollars per share)	50
Outstanding at the end of the period (in dollars per share)	50.49	$ 50.48
Vested or expected to vest (in dollars per share)	50.49
Exercisable (in dollars per share)	$ 50.87
Weighted average remaining contractual life
Outstanding	6 years 9 months 26 days	7 years 22 days
Vested or expected to vest	6 years 9 months 26 days
Exercisable	6 years 7 months 21 days
Additional disclosures
Unrecognized stock-based compensation expense	$ 2.2
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year
Maximum
Stock-based compensation
Contractual life	10 years

Equity-Based Compensation - PSU

Equity-Based Compensation - PSU awards (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Performance share unit awards
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	1,283,843
Vested (in shares) | shares	(41,666)
Forfeited (in shares) | shares	(12,186)
Total awarded and unvested at the end of the period (in shares) | shares	1,229,991
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.29
Vested (in dollars per share) | $ / shares	27.38
Forfeited (in dollars per share) | $ / shares	29.83
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.30
Additional disclosures
Additional equity compensation to be recognized over the remaining period | $	$ 15.1
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 8 months 12 days
Price target performance share unit awards
Number of successive days closing stock price must achieve specific thresholds for PSUs to vest per schedule	10 days
Vesting period	3 years
Price target performance share unit awards | Vesting before first anniversary | Maximum
Number of PSUs that may vest, as a percent	0.00%
Price target performance share unit awards | Vesting before the second anniversary | Maximum
Number of PSUs that may vest, as a percent	33.33%
Price target performance share unit awards | Vesting before the third anniversary | Maximum
Number of PSUs that may vest, as a percent	66.67%
TSR performance share unit awards
Vesting period	3 years
TSR performance share unit awards | Maximum
Number of PSUs that may be earned as compared to the number of PSUs granted, as a percent	200.00%
TSR performance share unit awards | Minimum
Number of PSUs that may be earned as compared to the number of PSUs granted, as a percent	0.00%

Equity-Based Compensation - Pha

Equity-Based Compensation - Phantom Unit Awards (Details) - Antero Midstream Partners Phantom Unit Awards $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Number of units
Total granted and unvested at the beginning of the period (in shares) | shares	1,042,963
Granted (in shares) | shares	9,449
Vested (in shares) | shares	(1,491)
Forfeited (in shares) | shares	(24,990)
Total awarded and unvested at the end of the period (in shares) | shares	1,025,931
Weighted average grant date fair value
Total granted and unvested at the beginning of the period (in dollars per share) | $ / shares	$ 28.69
Granted (in dollars per share) | $ / shares	31.75
Vested (in dollars per share) | $ / shares	33.52
Forfeited (in dollars per share) | $ / shares	28.96
Total awarded and unvested at the end of the period (in dollars per share) | $ / shares	$ 28.71
Aggregate intrinsic value
Outstanding at the beginning of the period | $	$ 30,288
Outstanding at the end of the period | $	26,561
Additional equity compensation to be recognized over the remaining period | $	$ 20,300
Weighted average period for recognizing unrecognized stock-based compensation expense	1 year 10 months 24 days

Financial Instruments (Details)

Financial Instruments (Details) - Recurring - Level 2 market data - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Financial Instruments
Fair value of senior notes	$ 3,500	$ 3,500
Antero Midstream Partners LP
Financial Instruments
Fair value of senior notes	$ 652	$ 670

Derivative Instruments - Commod

Derivative Instruments - Commodity derivatives (Details) - Swaps	Mar. 31, 2018bbl / dMMBTU / d$ / bbl$ / gal$ / MMBTU
Natural gas | Three months ended June 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Natural gas | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Natural gas | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Natural gas | NYMEX | Three months ended June 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Weighted average index price | $ / MMBTU	3.42
Natural gas | NYMEX | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Weighted average index price | $ / MMBTU	3.45
Natural gas | NYMEX | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,002,500
Weighted average index price | $ / MMBTU	3.53
Natural gas | NYMEX | Year ending December 31, 2019
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	2,330,000
Weighted average index price | $ / MMBTU	3.50
Natural gas | NYMEX | Year ending December 31, 2020
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	1,417,500
Weighted average index price | $ / MMBTU	3.25
Natural gas | NYMEX | Year Ending December 31, 2021
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	710,000
Weighted average index price | $ / MMBTU	3
Natural gas | NYMEX | Year ending December 31, 2022
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	850,000
Weighted average index price | $ / MMBTU	3
Natural gas | NYMEX | Year ending December 31, 2023
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | MMBTU / d	90,000
Weighted average index price | $ / MMBTU	2.91
Natural gas | Mont Belvieu-Propane | Three months ended June 30, 2018
Derivative Instruments
Weighted average index price | $ / MMBTU	0.76
Natural gas | Mont Belvieu-Propane | Three months ending September 30, 2018
Derivative Instruments
Weighted average index price | $ / MMBTU	0.76
Natural gas | WTI-NYMEX member | Three months ended June 30, 2018
Derivative Instruments
Weighted average index price | $ / MMBTU	56.99
Natural gas | WTI-NYMEX member | Three months ending September 30, 2018
Derivative Instruments
Weighted average index price | $ / MMBTU	56.99
Natural gas liquids | Three months ended June 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Natural gas liquids | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Natural gas liquids | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Natural gas liquids | Mont Belvieu-Propane | Three months ended June 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Natural gas liquids | Mont Belvieu-Propane | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Propane | Mont Belvieu-Propane | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	26,000
Weighted average index price | $ / gal	0.77
Oil | Three months ended June 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | WTI-NYMEX member | Three months ended June 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | WTI-NYMEX member | Three months ending September 30, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Oil | WTI-NYMEX member | Three months ending December 31, 2018
Derivative Instruments
Notional amount (MMBtu/Bbls per day) | bbl / d	6,000
Weighted average index price | $ / bbl	56.99

Derivative Instruments - Fair v

Derivative Instruments - Fair value (Details) $ in Thousands	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item
Fair value of derivative instruments
Current portion of fair value of derivative assets	$ 459,892	$ 460,685
Noncurrent portion of fair value of derivative assets	760,562	841,257
Current portion of fair value of derivative liabilities	41,907	28,476
Noncurrent portion of fair value of derivative liabilities		207
Commodity derivative
Fair value of derivative instruments
Total asset derivatives	1,220,454	1,301,942
Total liability derivatives	4,705	7,289
Marketing derivative
Fair value of derivative instruments
Total liability derivatives	37,202	21,394
Derivatives not designated as hedges for accounting purposes
Fair value of derivative instruments
Total asset derivatives	1,220,454	1,301,942
Total liability derivatives	41,907	28,683
Net derivatives	1,178,547	1,273,259
Derivatives not designated as hedges for accounting purposes | Commodity derivative
Fair value of derivative instruments
Current portion of fair value of derivative assets	459,892	460,685
Noncurrent portion of fair value of derivative assets	760,562	841,257
Current portion of fair value of derivative liabilities	4,705	7,082
Noncurrent portion of fair value of derivative liabilities		207
Derivatives not designated as hedges for accounting purposes | Marketing derivative
Fair value of derivative instruments
Current portion of fair value of derivative liabilities	$ 37,202	$ 21,394
Derivatives designated as hedges for accounting purposes
Fair value of derivative instruments
Number of derivative instruments held designated as hedges | item	0	0

Derivative Instruments - Assets

Derivative Instruments - Assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Commodity derivative
Commodity derivative assets
Gross amounts on balance sheet	$ 1,265,716	$ 1,367,554
Gross amounts offset on balance sheet	(45,262)	(65,612)
Total asset derivatives	1,220,454	1,301,942
Commodity derivative liabilities
Gross amounts on balance sheet	(49,967)	(72,901)
Gross amounts offset on balance sheet	45,262	65,612
Total liability derivatives	(4,705)	(7,289)
Marketing derivative
Commodity derivative assets
Gross amounts on balance sheet		311,083
Gross amounts offset on balance sheet		(311,083)
Commodity derivative liabilities
Gross amounts on balance sheet	(37,202)	(332,477)
Gross amounts offset on balance sheet		311,083
Total liability derivatives	$ (37,202)	$ (21,394)

Derivative Instruments - Fair54

Derivative Instruments - Fair value gains (losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	$ 22,437		$ 438,775
Gains on settled marketing derivatives	110,042
Marketing derivative gains (losses)	94,234	$ (21,400)
Revenue
Summary of realized and unrealized gains (losses) on derivative instruments
Commodity derivative fair value gains (losses)	22,437		$ 438,775
Marketing derivative gains (losses)	$ 94,234

Commitments (Detail)

Commitments (Detail) $ in Millions	Mar. 31, 2018USD ($)
Future minimum payments
Remainder of 2018	$ 1,056
2,019	1,505
2,020	1,499
2,021	1,461
2,022	1,405
2,023	1,383
Thereafter	10,205
Total	18,514
Firm transportation
Future minimum payments
Remainder of 2018	653
2,019	1,086
2,020	1,106
2,021	1,085
2,022	1,033
2,023	1,021
Thereafter	8,588
Total	14,572
Gas processing, gathering and compression
Future minimum payments
Remainder of 2018	338
2,019	365
2,020	383
2,021	367
2,022	364
2,023	355
Thereafter	1,568
Total	3,740
Drilling rigs and completion services
Future minimum payments
Remainder of 2018	54
2,019	43
Total	97
Office and equipment
Future minimum payments
Remainder of 2018	11
2,019	11
2,020	10
2,021	9
2,022	8
2,023	7
Thereafter	49
Total	$ 105

Contingencies (Details)

Contingencies (Details) $ in Millions	3 Months Ended	4 Months Ended	11 Months Ended	25 Months Ended
	Mar. 31, 2018USD ($)MMBTU / dcontractlawsuit	Nov. 30, 2017MMBTU / d	Dec. 31, 2018MMBTU / d	Jan. 31, 2018MMBTU / d	Jan. 01, 2019MMBTU / d	Mar. 31, 2017USD ($)
SJGC
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day	80,000
WGL
Contingencies
Natural gas long term purchase contract volume (in MMBtu)/day		600,000	200,000	500,000
Natural gas long term purchase contract volume increase after specified events (in MMBtu)/day					330,000
Natural gas long term purchase contract volume after specified events (in MMBtu)/day					530,000
WGL | Pending Litigation | Minimum
Contingencies
Damages sought | $						$ 30
Potential Positive Outcome of Litigation | SJGC
Contingencies
Number of lawsuits | lawsuit	2
Number of long term gas contracts | contract	2
Potential Positive Outcome of Litigation | SJGC | Pending Litigation
Contingencies
Additional accounts receivable | $	$ 77
Potential Positive Outcome of Litigation | WGL
Contingencies
Additional accounts receivable | $	$ 105

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Sales and revenues:
Sales and revenues	$ 1,028,101	$ 1,195,579
Operating expenses:
Depletion, depreciation, and amortization	228,244	202,729
General and administrative expense	60,030	64,698
Other operating expenses	274,673	144,429
Total operating expenses	881,607	694,236
Operating income (loss)	146,494	501,343
Equity in earnings of unconsolidated affiliate	7,862	2,231
Segment assets	15,422,849	14,888,654	$ 15,261,490
Capital expenditures for segment assets	545,963	516,234
Exploration and production
Sales and revenues:
Sales and revenues	784,543	1,127,051
Gathering and compression
Sales and revenues:
Sales and revenues	4,145	2,539
Water handling and treatment
Sales and revenues:
Sales and revenues	790	65
Marketing
Sales and revenues:
Sales and revenues	238,623	65,924
Operating segments
Operating expenses:
Equity in earnings of unconsolidated affiliate	7,862	2,231
Operating segments | Exploration and production
Sales and revenues:
Sales and revenues	790,418	1,131,491
Operating expenses:
Depletion, depreciation, and amortization	195,588	174,969
General and administrative expense	46,420	51,056
Other operating expenses	77,884	53,618
Total operating expenses	735,499	643,153
Operating income (loss)	54,919	488,338
Segment assets	13,200,108	12,989,013
Capital expenditures for segment assets	472,767	457,739
Operating segments | Gathering and compression
Sales and revenues:
Sales and revenues	108,177	91,659
Operating expenses:
Depletion, depreciation, and amortization	23,638	19,924
General and administrative expense	10,362	10,138
Other operating expenses	14
Total operating expenses	45,382	38,176
Operating income (loss)	62,795	53,483
Equity in earnings of unconsolidated affiliate	7,862	2,231
Segment assets	2,217,115	1,941,668
Capital expenditures for segment assets	93,670	66,559
Operating segments | Water handling and treatment
Sales and revenues:
Sales and revenues	121,414	83,110
Operating expenses:
Depletion, depreciation, and amortization	9,018	7,836
General and administrative expense	4,093	4,319
Other operating expenses	4,910	4,344
Total operating expenses	72,893	55,121
Operating income (loss)	48,521	27,989
Segment assets	933,909	645,943
Capital expenditures for segment assets	40,285	36,954
Operating segments | Marketing
Sales and revenues:
Sales and revenues		65,924
Operating expenses:
Other operating expenses	195,739	89,993
Total operating expenses	195,739	89,993
Operating income (loss)	42,884	(24,069)
Segment assets	41,548	27,730
Elimination of intersegment transaction
Sales and revenues:
Sales and revenues	(230,531)	(176,605)
Operating expenses:
General and administrative expense	(845)	(815)
Other operating expenses	(3,874)	(3,526)
Total operating expenses	(167,906)	(132,207)
Operating income (loss)	(62,625)	(44,398)
Segment assets	(969,831)	(715,700)
Capital expenditures for segment assets	(60,759)	(45,018)
Elimination of intersegment transaction | Exploration and production
Sales and revenues:
Sales and revenues	5,875	4,440
Elimination of intersegment transaction | Gathering and compression
Sales and revenues:
Sales and revenues	104,032	89,120
Elimination of intersegment transaction | Water handling and treatment
Sales and revenues:
Sales and revenues	120,624	83,045
Elimination of intersegment transaction | Marketing
Sales and revenues:
Sales and revenues	238,623
Natural Gas, Gathering, Transportation, Marketing and Processing
Operating expenses:
Cost of goods and services sold	291,938	266,829
Natural Gas, Gathering, Transportation, Marketing and Processing | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold	384,345	347,768
Natural Gas, Gathering, Transportation, Marketing and Processing | Operating segments | Gathering and compression
Operating expenses:
Cost of goods and services sold	11,368	8,114
Natural Gas, Gathering, Transportation, Marketing and Processing | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	(103,775)	(89,053)
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	26,722	15,551
Oil and Gas, Operation and Maintenance | Operating segments | Exploration and production
Operating expenses:
Cost of goods and services sold	31,262	15,742
Oil and Gas, Operation and Maintenance | Operating segments | Water handling and treatment
Operating expenses:
Cost of goods and services sold	54,872	38,622
Oil and Gas, Operation and Maintenance | Elimination of intersegment transaction
Operating expenses:
Cost of goods and services sold	$ (59,412)	$ (38,813)

Subsidiary Guarantors - Balance

Subsidiary Guarantors - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 23,153	$ 28,441		$ 31,610
Accounts receivable, net	26,692	34,896
Accrued revenue	279,923	300,122
Derivative instruments	459,892	460,685
Other current assets	10,374	8,943
Total current assets	800,034	833,087
Unproved properties	2,265,727	2,266,673
Proved properties	11,471,428	11,096,462
Water handling and treatment systems	974,389	946,670
Gathering systems and facilities	2,132,803	2,050,490
Other property and equipment	59,499	57,429
Property and equipment, gross	16,903,846	16,417,724
Less accumulated depletion, depreciation, and amortization	(3,410,098)	(3,182,171)
Property and equipment, net	13,493,748	13,235,553
Derivative instruments	760,562	841,257
Investments in unconsolidated affiliates	321,468	303,302
Other assets, net	47,037	48,291
Total assets	15,422,849	15,261,490	$ 14,888,654
Liabilities and Stockholders' Equity
Accounts payable	73,221	62,982
Accrued liabilities	422,617	443,225
Revenue distributions payable	237,907	209,617
Derivative Liability, Current	41,907	28,476
Other current liabilities	14,201	17,796
Total current liabilities	789,853	762,096
Long-term debt	4,876,706	4,800,090
Deferred income tax liability	788,765	779,645
Derivative instruments		207
Other liabilities	46,427	43,316
Total liabilities	6,501,751	6,385,354
Common stock	3,165	3,164
Additional paid-in capital	6,588,082	6,570,952
Accumulated earnings	1,589,898	1,575,065
Total stockholders' equity	8,181,145	8,149,181
Noncontrolling interest in consolidated subsidiary	739,953	726,955
Total equity	8,921,098	8,876,136
Total liabilities and equity	15,422,849	15,261,490
Reportable legal entity | Parent
Current assets:
Cash and cash equivalents	14,439	20,078		17,568
Accounts receivable, net	25,447	33,726
Intercompany receivables	2,765	6,459
Accrued revenue	279,923	300,122
Derivative instruments	459,892	460,685
Other current assets	9,217	8,273
Total current assets	791,683	829,343
Unproved properties	2,265,727	2,266,673
Proved properties	11,902,297	11,460,615
Gathering systems and facilities	17,825	17,929
Other property and equipment	59,499	57,429
Property and equipment, gross	14,245,348	13,802,646
Less accumulated depletion, depreciation, and amortization	(3,008,346)	(2,812,851)
Property and equipment, net	11,237,002	10,989,795
Derivative instruments	760,562	841,257
Investment in subsidiaries	(629,293)	(573,926)
Contingent acquisition consideration asset	211,888	208,014
Other assets, net	33,245	35,371
Total assets	12,405,087	12,329,854
Liabilities and Stockholders' Equity
Accounts payable	65,845	54,340
Intercompany payable	111,001	110,182
Accrued liabilities	350,769	338,819
Revenue distributions payable	237,907	209,617
Derivative Liability, Current	41,907	28,476
Other current liabilities	13,973	17,587
Total current liabilities	821,402	759,021
Long-term debt	3,575,426	3,604,090
Deferred income tax liability	788,765	779,645
Derivative instruments		207
Other liabilities	42,990	42,906
Total liabilities	5,228,583	5,185,869
Common stock	3,165	3,164
Additional paid-in capital	5,583,441	5,565,756
Accumulated earnings	1,589,898	1,575,065
Total stockholders' equity	7,176,504	7,143,985
Total equity	7,176,504	7,143,985
Total liabilities and equity	12,405,087	12,329,854
Reportable legal entity | Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	8,714	8,363		$ 14,042
Accounts receivable, net	1,245	1,170
Intercompany receivables	111,001	110,182
Other current assets	1,157	670
Total current assets	122,117	120,385
Water handling and treatment systems	965,499	942,361
Gathering systems and facilities	2,114,978	2,032,561
Property and equipment, gross	3,080,477	2,974,922
Less accumulated depletion, depreciation, and amortization	(401,752)	(369,320)
Property and equipment, net	2,678,725	2,605,602
Investments in unconsolidated affiliates	321,468	303,302
Other assets, net	13,792	12,920
Total assets	3,136,102	3,042,209
Liabilities and Stockholders' Equity
Accounts payable	7,376	8,642
Intercompany payable	2,765	6,459
Accrued liabilities	70,369	106,006
Other current liabilities	228	209
Total current liabilities	80,738	121,316
Long-term debt	1,301,280	1,196,000
Contingent acquisition consideration liability	211,888	208,014
Other liabilities	3,437	410
Total liabilities	1,597,343	1,525,740
Partners' capital	1,538,759	1,516,469
Total stockholders' equity	1,538,759	1,516,469
Total equity	1,538,759	1,516,469
Total liabilities and equity	3,136,102	3,042,209
Eliminations
Current assets:
Intercompany receivables	(113,766)	(116,641)
Total current assets	(113,766)	(116,641)
Proved properties	(430,869)	(364,153)
Water handling and treatment systems	8,890	4,309
Property and equipment, gross	(421,979)	(359,844)
Property and equipment, net	(421,979)	(359,844)
Investment in subsidiaries	629,293	573,926
Contingent acquisition consideration asset	(211,888)	(208,014)
Total assets	(118,340)	(110,573)
Liabilities and Stockholders' Equity
Intercompany payable	(113,766)	(116,641)
Accrued liabilities	1,479	(1,600)
Total current liabilities	(112,287)	(118,241)
Contingent acquisition consideration liability	(211,888)	(208,014)
Total liabilities	(324,175)	(326,255)
Partners' capital	(1,538,759)	(1,516,469)
Additional paid-in capital	1,004,641	1,005,196
Total stockholders' equity	(534,118)	(511,273)
Noncontrolling interest in consolidated subsidiary	739,953	726,955
Total equity	205,835	215,682
Total liabilities and equity	$ (118,340)	$ (110,573)

Subsidiary Guarantors - Stateme

Subsidiary Guarantors - Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Revenue:
Commodity derivative gains (losses)	$ 22,437		$ 438,775
Marketing Derivative Gains	94,234	$ (21,400)
Revenue from Contract with Customer, Including Assessed Tax	911,430		756,804
Total revenue	1,028,101		1,195,579
Operating expenses:
Production and ad valorem taxes	25,823		24,793
Impairment of unproved properties	50,536		26,899
Depletion, depreciation, and amortization	228,244		202,729
Accretion of asset retirement obligations	690		637
General and administrative	60,030		64,698
Total operating expenses	881,607		694,236
Operating income (loss)	146,494		501,343
Equity in earnings of unconsolidated affiliate	7,862		2,231
Interest	(64,426)		(66,670)
Total other expenses	(56,564)		(64,439)
Income (loss) before income taxes	89,930		436,904
Provision for income tax (expense) benefit	(9,120)		(131,346)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	80,810		305,558
Net income and comprehensive income attributable to noncontrolling interest	65,977		37,162
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	14,833		268,396
Eliminations
Revenue:
Total revenue	(230,531)		(176,605)
Operating expenses:
General and administrative	(845)		(815)
Accretion of contingent acquisition consideration	(3,874)		(3,526)
Total operating expenses	(167,906)		(132,207)
Operating income (loss)	(62,625)		(44,398)
Interest	369		169
Equity in net income of subsidiaries	20,128		6,300
Total other expenses	20,497		6,469
Income (loss) before income taxes	(42,128)		(37,929)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	(42,128)		(37,929)
Net income and comprehensive income attributable to noncontrolling interest	65,977		37,162
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	(108,105)		(75,091)
Parent | Reportable legal entity
Revenue:
Commodity derivative gains (losses)	22,437		438,775
Marketing Derivative Gains	94,234
Total revenue	1,029,041		1,197,415
Operating expenses:
Production and ad valorem taxes	24,807		23,975
Impairment of unproved properties	50,536		26,899
Depletion, depreciation, and amortization	195,812		175,193
Accretion of asset retirement obligations	656		637
General and administrative	46,420		51,056
Accretion of contingent acquisition consideration	(3,874)		(3,526)
Total operating expenses	931,462		733,370
Operating income (loss)	97,579		464,045
Interest	(53,498)		(58,003)
Equity in net income of subsidiaries	(20,128)		(6,300)
Total other expenses	(73,626)		(64,303)
Income (loss) before income taxes	23,953		399,742
Provision for income tax (expense) benefit	(9,120)		(131,346)
Net income (loss) and comprehensive income (loss) including noncontrolling interest	14,833		268,396
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	14,833		268,396
Non-Guarantor Subsidiaries | Reportable legal entity
Revenue:
Total revenue	229,591		174,769
Operating expenses:
Production and ad valorem taxes	1,016		818
Depletion, depreciation, and amortization	32,432		27,536
Accretion of asset retirement obligations	34
General and administrative	14,455		14,457
Accretion of contingent acquisition consideration	3,874		3,526
Total operating expenses	118,051		93,073
Operating income (loss)	111,540		81,696
Equity in earnings of unconsolidated affiliate	7,862		2,231
Interest	(11,297)		(8,836)
Total other expenses	(3,435)		(6,605)
Income (loss) before income taxes	108,105		75,091
Net income (loss) and comprehensive income (loss) including noncontrolling interest	108,105		75,091
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation	108,105		75,091
Natural Gas, Gathering, Transportation, Marketing and Processing
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	4,935		2,604
Operating expenses:
Cost of goods and services sold	291,938		266,829
Natural Gas, Gathering, Transportation, Marketing and Processing | Eliminations
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	(224,656)		(172,165)
Operating expenses:
Cost of goods and services sold	(103,775)		(89,053)
Natural Gas, Gathering, Transportation, Marketing and Processing | Parent | Reportable legal entity
Operating expenses:
Cost of goods and services sold	384,345		347,768
Natural Gas, Gathering, Transportation, Marketing and Processing | Non-Guarantor Subsidiaries | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	229,591		174,769
Operating expenses:
Cost of goods and services sold	11,368		8,114
Natural gas sales
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	497,663		466,664
Natural gas sales | Parent | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	497,663		466,664
Natural gas liquids sales
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	234,170		194,652
Natural gas liquids sales | Parent | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	234,170		194,652
Oil sales
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	30,273		26,960
Oil sales | Parent | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	30,273		26,960
Marketing
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	144,389		65,924
Operating expenses:
Cost of goods and services sold	195,739		89,993
Marketing | Parent | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	144,389		65,924
Operating expenses:
Cost of goods and services sold	195,739		89,993
Oil and Gas, Operation and Maintenance
Operating expenses:
Cost of goods and services sold	26,722		15,551
Oil and Gas, Operation and Maintenance | Eliminations
Operating expenses:
Cost of goods and services sold	(59,412)		(38,813)
Oil and Gas, Operation and Maintenance | Parent | Reportable legal entity
Operating expenses:
Cost of goods and services sold	31,262		15,742
Oil and Gas, Operation and Maintenance | Non-Guarantor Subsidiaries | Reportable legal entity
Operating expenses:
Cost of goods and services sold	54,872		38,622
Exploration
Revenue:
Revenue from Contract with Customer, Including Assessed Tax			2,107
Operating expenses:
Cost of goods and services sold	1,885		2,107
Exploration | Parent | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax			2,107
Operating expenses:
Cost of goods and services sold	1,885
Product and Service, Other | Eliminations
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	(5,875)		(4,440)
Product and Service, Other | Parent | Reportable legal entity
Revenue:
Revenue from Contract with Customer, Including Assessed Tax	$ 5,875		$ 4,440

Subsidiary Guarantors - Cash Fl

Subsidiary Guarantors - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	$ 80,810		$ 305,558
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion Depreciation Amortization And Accretion	228,934		203,366
Impairment of unproved properties	50,536		26,899
Commodity derivative gains	(22,437)		(438,775)
Gains on settled commodity derivatives	101,341		44,849
Marketing derivative gains	94,234	$ (21,400)
Gains on settled marketing derivatives	110,042
Deferred income tax expense (benefit)	9,120		131,346
Equity-based compensation expense	21,156		25,503
Income Loss From Equity Method Investments	(7,862)		(2,231)
Equity Method Investment Dividends Or Distributions	7,085
Other	969		87
Increase (Decrease) in Operating Capital	56,089		97,337
Net cash provided by operating activities	541,549		393,939
Cash flows used in investing activities:
Additions to proved properties			(49,664)
Additions to unproved properties	(49,569)		(55,542)
Drilling and completion costs	(359,868)		(306,925)
Additions to water handling and treatment systems	(40,285)		(36,954)
Additions to gathering systems and facilities	(93,670)		(66,559)
Additions to other property and equipment	(2,571)		(590)
Investments in unconsolidated affiliates	(17,389)		(159,889)
Change in other assets	(217)		(12,350)
Net cash used in investing activities	(563,569)		(688,473)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP			223,119
Borrowings (repayments) on bank credit facility, net	75,000		70,000
Distributions to noncontrolling interest in consolidated subsidiary	(55,915)		(27,149)
Employee tax withholding for settlement of equity compensation awards	(1,084)		(1,657)
Other	(1,269)		(1,389)
Net cash provided by financing activities	16,732		262,924
Net increase (decrease) in cash and cash equivalents	(5,288)		(31,610)
Cash and cash equivalents, beginning of period	28,441		31,610
Cash and cash equivalents, end of period	23,153	28,441
Eliminations
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	(42,128)		(37,929)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Change In Value Of Contingent Consideration	(3,874)		(3,526)
Equity in net income of subsidiaries	(20,128)		(6,300)
Distributions from non-guarantor subsidiary	(36,088)		(30,484)
Increase (Decrease) in Operating Capital	7,585		(789)
Net cash provided by operating activities	(90,759)		(75,502)
Cash flows used in investing activities:
Drilling and completion costs	60,759		45,018
Additions to water handling and treatment systems	(6,088)
Net cash used in investing activities	54,671		45,018
Cash flows from financing activities:
Distributions to noncontrolling interest in consolidated subsidiary	36,088		30,484
Net cash provided by financing activities	36,088		30,484
Parent | Reportable legal entity
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	14,833		268,396
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion Depreciation Amortization And Accretion	196,468		175,830
Change In Value Of Contingent Consideration	(3,874)		(3,526)
Impairment of unproved properties	50,536		26,899
Commodity derivative gains	(22,437)		(438,775)
Gains on settled commodity derivatives	101,341		44,849
Marketing derivative gains	94,234
Gains on settled marketing derivatives	110,042
Deferred income tax expense (benefit)	9,120		131,346
Equity-based compensation expense	14,945		19,217
Equity in net income of subsidiaries	20,128		6,300
Other	279		(544)
Distributions from non-guarantor subsidiary	36,088		30,484
Increase (Decrease) in Operating Capital	65,023		109,217
Net cash provided by operating activities	498,258		369,693
Cash flows used in investing activities:
Additions to proved properties			(49,664)
Additions to unproved properties	(49,569)		(55,542)
Drilling and completion costs	(420,627)		(351,943)
Additions to gathering systems and facilities	104
Additions to other property and equipment	(2,571)		(590)
Change in other assets	1,067		(6,476)
Net cash used in investing activities	(471,596)		(464,215)
Cash flows from financing activities:
Borrowings (repayments) on bank credit facility, net	(30,000)		80,000
Employee tax withholding for settlement of equity compensation awards	(1,066)		(1,657)
Other	(1,235)		(1,389)
Net cash provided by financing activities	(32,301)		76,954
Net increase (decrease) in cash and cash equivalents	(5,639)		(17,568)
Cash and cash equivalents, beginning of period	20,078		17,568
Cash and cash equivalents, end of period	14,439	20,078
Non-Guarantor Subsidiaries | Reportable legal entity
Cash flows from operating activities:
Net income (loss) including noncontrolling interests	108,105		75,091
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion Depreciation Amortization And Accretion	32,466		27,536
Change In Value Of Contingent Consideration	3,874		3,526
Equity-based compensation expense	6,211		6,286
Income Loss From Equity Method Investments	(7,862)		(2,231)
Equity Method Investment Dividends Or Distributions	7,085
Other	690		631
Increase (Decrease) in Operating Capital	(16,519)		(11,091)
Net cash provided by operating activities	134,050		99,748
Cash flows used in investing activities:
Additions to water handling and treatment systems	(34,197)		(36,954)
Additions to gathering systems and facilities	(93,774)		(66,559)
Investments in unconsolidated affiliates	(17,389)		(159,889)
Change in other assets	(1,284)		(5,874)
Net cash used in investing activities	(146,644)		(269,276)
Cash flows from financing activities:
Issuance of common units by Antero Midstream Partners LP			223,119
Borrowings (repayments) on bank credit facility, net	105,000		(10,000)
Distributions to noncontrolling interest in consolidated subsidiary	(92,003)		(57,633)
Employee tax withholding for settlement of equity compensation awards	(18)
Other	(34)
Net cash provided by financing activities	12,945		155,486
Net increase (decrease) in cash and cash equivalents	351		(14,042)
Cash and cash equivalents, beginning of period	8,363		$ 14,042
Cash and cash equivalents, end of period	$ 8,714	$ 8,363